Keppel Land Retail Management, a wholly owned subsidiary of Keppel Land, has entered a deal to sell TaiMall Management Services, or TMS, to Lian Wei Investment, it said in a filing to SGX after the market close on Wednesday.
Taiwan-based TMS was formed to provide management services to a shopping mall in Taipei, but the divestment is planned because the mall is being sold by its current owner, the filing said.
The consideration is NT$11.6 million, or around S$500,000, which will be paid in cash to KLRM, it said.
After the deal is completed, TMS will cease to be a subsidiary of Keppel Corp. and Keppel Land, it said.
Keppel Corp. said it expected to recognize a small gain from the divestment.
Keppel Land is the property arm of Keppel Corp.