DNWC, jointly held by KLL and a joint venture partner, is undergoing a demerger and upon the issuance of an Investment Registration Certificate by the relevant Vietnamese authorities, DNWC will become a wholly-owned subsidiary of Portsville with the rights to develop a 170 ha plot of land. DNWC also currently holds a 28 ha plot of land which is excluded from the proposed divestment.
Upon completion of the divestment, Keppel and KLL will hold only 30% interest in DNWC.
This divestment is in line with KLL’s strategy to recycle assets to seek higher returns. The funds generated from this deal will be used to pursue other opportunities in Vietnam.
Shares in Keppel last traded at $6.20.
See also: Frasers Property in real estate JV with Morgan Stanley
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