The transactions include the divestment of Keppel’s entire stakes in a commercial building in India for $379 million and its stakes in Vietnamese developer Nam Long for some $58 million.
The group also divested a partial 2.5% stake in Smartworks Coworking Spaces after the latter’s initial public offering (IPO) in India in July.
In addition, Keppel announced that a third-party partner has subscribed to a 30% effective stake in one of its residential projects in Ho Chi Minh City, Vietnam.
The divestments of the stakes in Nam Long and Smartworks have been completed while the other two transactions are expected to be completed by 4Q2025 pending conditions to be fulfilled.
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“By working closely with our operating divisions, we have been able to identify and structure transactions to optimise divestment speed and exit value. This latest milestone reflects our disciplined approach and strong commitment to deliver on Keppel’s asset monetisation goals,” says Lee Kok Chew, Keppel’s head of the accelerating monetisation task force (AMTF).
Keppel has a near-term monetisation target of $10 billion to $12 billion by the end of 2026.
The group will release its 1HFY2025 ended June results on July 31.
Shares in Keppel closed 2 cents higher or 0.25% up at $8.18 on July 30.
