Corporate Monitor Limited issued a report on the proposed acquisition by Keppel Infrastructure Trust (KIT) of a 50% stake in Marina East Water (MEW), a desalination plant. CML expresses concern over the complex transaction structure, which keeps significant debt off the balance sheets of both KIT and Keppel, and the questionable independence of KIT’s board members, many of whom abstained from voting on the acquisition due to their affiliations with Keppel or Temasek Holdings. The report raises doubts about whether the acquisition is truly beneficial to KIT unitholders and calls for clear, sufficient and substantive information on the transaction and stricter corporate governance.
Explore the full insights through the following reports:
• Keppel Infrastructure Trust – Desalination plant disappears into murky Off Balance Sheet Waters
• Keppel Infrastructure Trust – 浑浊的交易将海水淡化厂淡出财务报表