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Keppel divests subsidiary Waterfront Investment for $2 mil

Atiqah Mokhtar
Atiqah Mokhtar • 1 min read
Keppel divests subsidiary Waterfront Investment for $2 mil
Waterfront Investment's adjusted net asset value stood at $1.6 mil as of Apr 3.
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Keppel Corporation has announced that its wholly-owned subsidiary, Keppel Marina Holdings (KMH), has divested its entire 100% interest in Waterfront Investment (WIPL) and assigned its existing shareholder loan to WIPL for an aggregate cash consideration of approximately $2 million.

The net asset value attributable to the stake in WIPL was approximately negative $13.4 million as at 30 April. Excluding the advances extended by KMH, the adjusted net asset value attributable to the stake was approximately $1.6 million.

Following completion of the divestment, WIPL has ceased to be a subsidiary of the company.

See also: Keppel Land enters JV with Vietnam’s Phu Long for new landed housing project in Ho Chi Minh City

The divestment is not expected to have any material impact on the net tangible assets per share or earning per share of the company for the current financial year.

Shares in Keppel Corporation closed down 5 cents or 0.93% lower at $5.32 on June 4.

See also: Sheffield Green’s subsidiary Wind Asia to explore potential acquisition of wind energy company

Photo: Keppel Corporation

TAGS
Keppel Corporation (Keppel Corp)
Keppel Marina Holdings
Waterfront Investments

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