Keppel Corp Ltd &lt;KPLM.SI> said it hasdecided to increase its convertible bond issue to 75 mln U.S.
Dlrs from 60 mln following overwhelming response since its
launch on March 24.
    "This clearly reflects the confidence investors have in the
Keppel group. The bond will improve the group's debt structure
significantly," Keppel chairman Sim Kee Boon said.
    When the bonds are converted, Keppel's debt and interest
expense will be further reduced and place the group in a much
better financial position to expand and diversify its
activities, Sim said.
    The 10-year bonds, issued at par, will carry a four pct
annual interest and will be convertible at 3.12 Singapore dlrs
per one-dlr share in Keppel.
    The issue is lead-managed by &lt;Morgan Grenfell and Co Ltd>
with &lt;Daiwa Singapore Co Ltd> and &lt;Morgan Grenfell (Asia) Ltd>,
and is syndicated among leading domestic and international
banks and securities houses.
    Last month, Keppel reported a group net profit of 5.1 mln
Singapore dlrs for the year ended December 31, 1986 against a
loss of 129.6 mln dlrs in 1985.
 REUTER
