KIT secures EMA approval for Keppel Merlimau Cogen stake buy

The proposed transaction remains subject to unitholder approval at an EGM on 18 June.

Keppel Infrastructure Trust (KIT) has received approval from the Energy Market Authority (EMA) of Singapore for its proposed acquisition of an additional 39% interest in Keppel Merlimau Cogen Pte Ltd.

The stake will be acquired from KCIF Investments Pte. Ltd., according to a bourse filing by Keppel Infrastructure Fund Management, the trustee-manager of KIT.

KIT said the trustee-manager received written approval from EMA on 13 June, satisfying one of the key conditions for the proposed transaction.

The acquisition remains subject to unitholder approval at an extraordinary general meeting scheduled for 18 June.

Under the terms disclosed in the transaction circular, completion will take place eight business days after the satisfaction or waiver of the last of the required conditions, or on another date agreed between KCIF Investments and the trustee-manager.

Given the receipt of EMA approval, KIT said the completion date is expected to be 30 June, assuming unitholders approve the transaction at the EGM.

The proposed acquisition was first announced on 4 May, whilst the EGM notice and circular were issued on 3 June.

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