Keppel consortium to acquire 80% stake in 800 Super for $304m

SINGAPORE • Keppel Asia Infrastructure Fund (KAIF) and Keppel Infrastructure Holdings (KI) are jointly acquiring an 80 per cent interest in Singaporean environmental services company 800 Super for $304 million.

The deal values 800 Super at $380 million, with KAIF holding a 48 per cent interest and KI 32 per cent post-purchase, said Keppel Corporation, the parent company of Keppel Capital, under which KAIF comes, and KI in a bourse filing on Wednesday evening.

The co-founder of 800 Super, Mr William Lee, will hold the remaining 20 per cent stake and continue to be the company's chief executive officer.

Founded in 1986, 800 Super is an environmental solutions provider and has four main operating segments - waste management, waste treatment, integrated public cleaning and other environmental services.

It is one of three licensed public-waste collectors in Singapore, providing municipal waste collection services, as well as waste removal and recycling services for commercial and industrial customers.

800 Super owns and operates an integrated waste-treatment plant in Tuas, a biomass co-generation plant and Singapore's largest biomass fuel-preparation facility.

It was delisted from the Singapore Exchange's Catalist board in August 2019.

Keppel's statement said the consortium believes 800 Super is well-positioned to realise its market potential by unlocking the latent capacity in its waste-treatment segment to meet increasing demand in the sector.

The transaction is also in line with Keppel's Vision 2030, which places sustainability at its heart.

Ms Christina Tan, CEO of Keppel Capital, said "800 Super's strong market position will enable it to capture more opportunities as Singapore intensifies its sustainable waste management efforts".

Ms Cindy Lim, CEO of KI, added that the acquisition will complement and broaden the range of environmental services KI now offers.

Shares of Keppel ended yesterday at $7.08, up 1 per cent.

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