Keppel Land, the property division of Keppel Corp, says it has in recent weeks divested its stakes in two property companies in Sri Lanka and Vietnam in its continual focus to strengthen its presence in its core markets and growth cities, as well as recycling assets for higher returns.
Through its wholly-owned subsidiary, Edmonton, Keppel Land has entered into a sale and purchase agreement to divest its 60% interest in Keppel CT Developments, a joint venture company in Sri Lanka, for a total consideration of LKR 550 million ($5.5 million).
The joint venture company was formed for the development of a condominium located in Colombo, Sri Lanka.
In the previous month, Keppel Land and Kepventure Pte Ltd entered into a sale and purchase agreement to sell their 55% and 45% respective interests in Fernland Investment, which holds a 78.58% stake in an office building in Hanoi, for a total consideration of US$10.86 million ($15.2 million).
The transactions are not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation for the current financial year.
Keppel Corp closed 0.79% lower at $5.01.
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Through its wholly-owned subsidiary, Edmonton, Keppel Land has entered into a sale and purchase agreement to divest its 60% interest in Keppel CT Developments, a joint venture company in Sri Lanka, for a total consideration of LKR 550 million ($5.5 million).
The joint venture company was formed for the development of a condominium located in Colombo, Sri Lanka.
In the previous month, Keppel Land and Kepventure Pte Ltd entered into a sale and purchase agreement to sell their 55% and 45% respective interests in Fernland Investment, which holds a 78.58% stake in an office building in Hanoi, for a total consideration of US$10.86 million ($15.2 million).
The transactions are not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation for the current financial year.
Keppel Corp closed 0.79% lower at $5.01.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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