RE:RE:RBC Initial CommentsKAPS is still not live yet and they have contracted close to 70% of the capacity so KAPS will sell at a discount. Post covid inflation and the feared recession is also discounting the sale price. The market won't pay full price for an asset that is not fully contracted, not in production and facing economic headwinds of a recession.
As for the sale, this is what Pembina and KKK said after they announced plans to merge their assets.
"As part of the transactions, Pembina and KKR intend to dispose of Newco's non-operated interest in KAPS following closing of the transaction, subject to receiving acceptable purchase terms through the sale process."
The Pembina / KKK deal closed on August 15'th and the asset has not been sold. This would indicate that the "acceptable terms" have not been received yet. They may hang on to their 50% until go live / full contracting of the system is announced to ensure the best sale price.