• 2020 September 30 08:33

    Keppel reaffirms Vision 2030 and rolls out next steps for implementation

    Keppel Corporation Limited (Keppel) has announced that following the Company’s recent strategy offsite meeting, the Board and Management have reaffirmed Keppel’s Vision 2030 and will roll out the next steps in its roadmap.

    Dr Lee Boon Yang, Chairman of Keppel Corporation said, “The Board and Management are committed to drive Vision 2030 and realise Keppel’s full potential as an integrated business, providing solutions for sustainable urbanisation. We have identified attractive opportunities in each of our focus areas of Energy & Environment, Urban Development, Connectivity and Asset Management, which operate in growing and resilient markets, and are mobilising to capture these opportunities and continuing our efforts to operationalise our integrated business model.

    “With a sharpened business focus and an asset-light model, we are taking a disciplined approach to capital allocation, to allocate more capital to our growth platforms and unlock value from more integration and synergies within the group, while continuing to recycle capital to enhance the Group’s overall return. As we accelerate the implementation of Vision 2030, this will create value for all our stakeholders.”

    Keppel regularly reviews its portfolio of assets and as part of its asset-light business model, the Company has identified assets with a total carrying value of approximately S$17.5 billion1 based on the Group’s balance sheet as at 30 June 2020 that can potentially be monetised over time and channeled towards growth initiatives. These assets include the Group’s landbank which is held at historical cost, development projects, investment properties, assets being developed and stabilised for monetisation through Keppel-managed or third party platforms, various funds and investments, as well as non-core assets such as Keppel Offshore & Marine’s (Keppel O&M) oil rigs. They do not include Keppel’s key business platforms, fixed assets such as Keppel O&M’s yards, or some of the units that the Group holds in real estate or other investment trusts where holding of these units aligns Keppel's interest as the investment managers, with that of the unitholders.  

    Concurrently, the Company will commence a strategic review of its offshore & marine business amid the sector’s challenging environment, exploring both organic and inorganic options. Organic options include reviewing the strategy and business model of Keppel O&M, assessing its current capacity and global network of yards and restructuring to seek opportunities as a developer of renewable energy assets; while inorganic options would range from strategic mergers to disposal.




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