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KEPPEL TO RESTRUCTURE TOWAGE BUSINESS

Maritime Activity Reports, Inc.

August 25, 1999

Keppel Corp Ltd said on Tuesday it was restructuring its towage business which will be completed by the end of September. In a statement, the company announced that it has signed a letter of intent with Smit International Ltd. to sell 49 percent of its wholly-owned unit Maju Maritime Pte Ltd. to Smit.
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