KEPPEL’s subsidiary has sold its entire stake in oil and gas company Dyna-Mac : NO4 0% to Hanwha Group for S$100 million, as the company continues its shift towards becoming an asset manager.

Keppel’s : BN4 0% entire stake in Dyna-Mac – held by subsidiary KepInvest Holdings – accounted for 23.9 per cent of the contractor’s issued share capital, and comes up to a market value of about S$90 million based on the sale shares on May 9.

Hanwha Ocean, the shipbuilding arm of Hanwha Group, will be buying over 21.5 per cent of Dyna-Mac’s shares, while the group’s other subsidiary, Hanwha Aerospace, will be holding onto 2.4 per cent.

Keppel said in a bourse filing on Friday (May 10) that the deal was done on a willing-buyer, willing-seller basis, taking into account the historical and current traded prices of Dyna-Mac’s shares. 

Shares of Keppel rose 1.7 per cent, or S$0.11, to close at S$6.73, while those of Dyna-Mac increased 2.8 per cent, or S$0.01, to close at S$0.37 on Friday, before the announcement.