Keppel to raise stake in KrisEnergy to 67.33%

It will be done through a preferential share offering.

Keppel Corp is raising its stake in KrisEnergy to up to 67.33% through a preferential share offering as it transfers its shares from a wholly owned indirect subsidiary Devan International to Keppel Oil and Gas (KOG).

KrisEnergy has proposed non-renounceable and non-underwritten preferential offering of up to S$140 million in principal amount of senior secured zero coupon notes due 2024, in the
denomination of S$1.00 for each Note, with up to 1,252,128,996 free detachable warrant. Each Warrant carrying the right to subscribe for one new share in the capital of KrisEnergy of par value US$0.00125 (collectively, the 'New KE Shares') at an exercise price of S$0.110.

Keppel, through its wholly-owned indirect subsidiary, Devan International Limited, currently has an interest in 598,263,893 KE Shares, representing approximately 39.99%.

Of the total number of issued KE Shares, Devan is currently in the process of transferring the existing Devan Shares to its sole shareholder, KOG.

KOG or Devan (as the case may be) will have a direct interest in approximately 67.33 % of the enlarged issued share capital of Keppel Corp of 2,748,101,519 Shares immediately following the allotment and issue of 1,252,128,996 New Shares pursuant to the Preferential Offering and assuming all 1,252,128,996 Warrants are exercised.

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