Keppel Land Limited, the wholly-owned subsidiary of Keppel Corporation, is divesting its entire stake in Flemmington Investments for a total of US$98.6 million ($134.6 million).
Flemmington Investments holds a 42% stake in a project company which holds the rights to develop a site of approximately 30 hectares located in Ho Chi Minh City, Vietnam.
Of the amount, US$53.1 million is consideration for the sale shares, while the remaining US$45.5 million is for the repayment of shareholder’s loans.
The total consideration will be fully paid in cash upon the completion of the divestment.
The planned divestment is said to be in line with Keppel’s Vision 2030 asset monetisation plans to unlock capital, which can then be used for new growth opportunities.
Including the divestment, Keppel has announced about $3.1 billion asset monetisation since the launch of the programme in September 2020.
See also: SingPost’s former CEO and CFO ‘welcome’ SIAS’s inquiry
Shares in Keppel closed at $6.11 on March 14.
Photo: Keppel
