Keppel Philippines Marine, Inc. (KPM) was originally incorporated in 1992 as Kepphil Shipyard, Inc. and was registered with the Board of Investments (BOI) in 1993 as a ship repair and shipbuilding enterprise enjoying preferred pioneer status. The company was also granted an operating license by the Maritime Industry Authority as a Class A shipyard. In 1998, the Keppel Philippines Group of Companies underwent a business reorganization that included the change in corporate name of Kepphil Shipyard, Inc. to Keppel Philippines Marine, Inc. On October 25, 2005, KPM obtained its registration with the BOI as a new export producer of tugboat, general cargo vessel and oil rig hulls. The main business of KPM and its wholly-owned subsidiaries is in shiprepair and shipbuilding/fabrication. Vessels are brought by their owners to the yard for repair and after successful completion of the repair work, these vessels sail out of the yard and redelivered to owners. KPM's two wholly-owned subsidiaries are Keppel Cebu Shipyard, Inc. and Keppel Batangas Shipyard, Inc. KPM also has a 40% interest in Goodstart Properties, Inc., which is involved in property holding and development. Source: SEC Form 17-A (2008)