Keppel Infrastructure Trust (SGX:A7RU) and Metro Pacific Investments agreed to sell their 100% stake in Philippine Coastal Storage and Pipeline (PCSP) to affiliates of I Squared Capital for an aggregate enterprise value of $460 million, a filing with the Singapore Exchange said on Wednesday.
Metro Pacific Investments is an affiliate of Hong Kong-listed First Pacific (HKG:0142), while the Philippine Coastal Storage and Pipeline is a petroleum product import terminal in the Subic Bay Freeport Zone.
Keppel Infrastructure Trust and Metro Pacific had acquired a 50% stake each in PCSP back in 2021 as part of a broader focus towards lower carbon energy transition segments. However, furthering the business required heavy investment, which is why the trust has now decided to divest its shares.
The divestment is expected to complete in early 2025, the filing added.
Keppel Infrastructure shares declined over 2% in recent trade.
Price (HKD): $0.46, Change: $-0.0100, Percent Change: -2.13%
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