SINGAPORE — Singapore's Keppel Corporation said on Wednesday (May 3) it would transform itself into an asset manager overseeing S$200 billion by 2030 and focusing on green energy, betting it would provide more stable revenue streams and earnings.
The plan, which would quadruple its managed assets and see it operate more like Canada's Brookfield Asset Management and Australia's Macquarie Group Ltd, marks a new chapter for Keppel, which traces its roots to a small ship repair yard corporatised in 1968.
The conglomerate, which has an US$8.5 billion market value and has operations ranging from data centres to renewable energy assets, will be divided into fund management, investment, and operating platforms under the restructuring. Singapore state investor Temasek Holdings is Keppel's largest shareholder with a 21 per cent stake. It did not immediately reply to a request for comment about the restructuring.
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