SINGAPORE - Mainboard-listed Keppel Infrastructure Trust (KIT), formerly known as CitySpring Infrastructure Trust (CIT), began trading on Tuesday on the Singapore Exchange as an enlarged trust.
This follows the completion of its acquisition of Senoko Waste-to-Energy (WTE) Plant, Keppel Seghers Tuas WTE Plant and Keppel Seghers NEWater Plant on Monday.
With the injection of these three assets into its portfolio, the enlarged KIT is the largest Singapore infrastructure-focused business trust, listed on the Singapore Exchange, the trust said.
KIT will also undertake its approved acquisition of Keppel Merlimau Cogen Plant (KMC), an operating top tier 1,300 MW gas-fired power plant in Singapore. After the KMC acquisition, which is expected to be completed by the thirs quarter of this year, KIT will have an expected total asset size of over $4 billion.
Said Mr Khor Un-Hun, CEO of Keppel Infrastructure Fund Management, the trustee-manager of KIT: "With an enlarged and diversified portfolio, Keppel Infrastructure Trust's ability to offer investors long-term, predictable and sustainable returns is enhanced. Furthermore, with the transactions, the trust has grown significantly in scale and size, which will strengthen its ability to pursue more meaning growth opportunities."
The enlarged KIT will take on the SGX trading counter name "Kep Infra Tr fka CIT" for an interim period of three months with effect from Tuesday. The counter name will be subsequently changed to "Kep Infra Tr". KIT will also adopt "A7RU" as its SGX ticker code.
KIT also announced that it has appointed Daniel Cuthbert Ee Hock Huat, former chairman of CitySpring Infrastructure Management (the former trustee-manager of CIT), as an independent director. With the appointment of Mr Ee, KIFM will have eight directors, of whom six are independent directors.