Keppel buys 20% stake in Kris Energy for $115m

Singapore deal: Keppel sinks $115 million into explorer Kris Energy

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Bill Lehane

 09 July 2012 10:11 GMT

Singapore-based explorer Kris Energy has accepted an offer from compatriot Keppel Corporation to acquire a 20% stake in the company for $115 million.

Keppel Corporation’s chief executive Choo Chiau Beng and chief financial officer Loh Chin Hua have been appointed to the board of KrisEnergy as non-executive directors under the deal, which was made through a private placement of new equity.

Southeast Asia-focused Kris Energy is majority owned by energy-focused investment fund First Reserve through its parent company Kris Energy Holdings.

First Reserve Will Honeyborne said that strong synergies between the two companies would increase the value of Kris Energy, of which it will remain a majority shareholder.

Independent KrisEnergy holds working interests in production, development and exploration blocks in Thailand, Indonesia, Cambodia and Vietnam.

In…

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