Accretive Acquisition and Portfolio Resiliency
Proposed acquisition of a leading waste platform in South Korea
Acquisition marks KIT's expansion into South Korea
■
Jointly investing with Keppel entities to acquire
Eco Management Korea (EMK), with KIT holding 52%
majority interest
■ EMK is a leading integrated waste management player in
South Korea with diversified business operations across
solid waste management (incl. incineration), liquid waste
management and landfill
KITI
KEPPEL
TRUST
INFRASTRUCTURE
Keppel Asia Infrastructure Fund
Keppel Infrastructure
52%
Investor Holdco
30%
100%
EMK
Eco Management Korea
18%
1. Based on an exchange rate of S$1 : KRW 940.
Key Terms of Proposed Acquisition
Seller
Purchase
Consideration
Proposed Funding
Expected Completion
IMM Investment and Korea Development Bank
Private Equity
Total: KRW 626.1b (approx S$666.1m¹)
KIT's interest: KRW 325.6b (approx S$346.4m¹)
Combination of internal sources of funds, equity
and/or debt capital market issuances and/or
external borrowings
2H 2022, subject to condition precedents²
2. Including the consummation of the spin-off and transfer of all issued and outstanding equity interests in Shindaehan Refined Fuel Co., Ltd. (Shindaehan)
and other related assets and liabilities to a new subsidiary of the Seller. Shindaehan is in the business of wastewater treatment and waste oil refining and
will not be part of the Target Group to be acquired under the SPA.
KEPPEL
TRUST
KITI
INFRASTRUCTURE
3View entire presentation