Keppel divesting stake in Vietnam property project

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Keppel Corp.’s wholly owned subsidiary Keppel Land is divesting all of Flemmington Investments, which holds a 42 percent stake in a project company with the rights to develop a 30-hectare site in Ho Chi Minh City, Vietnam, the company said in a filing to SGX Monday.

The consideration will be US$53.1 million, or around S$71.7 million, plus US$45.5 million, or around S$61.4 million, as repayment of shareholder’s loans, in cash, Keppel said. 

The adjusted net asset value attributable to the sale shares was US$53.1 million as of end-February, which considered the net assets of the project company and the site’s development potential, the filing said.

“The planned divestment is in line with Keppel’s Vision 2030 asset monetisation plans to unlock capital which can be channelled towards new growth opportunities,” Keppel said. 

Including the Flemmington Investments divestment, Keppel has announce around S$3.1 billion of asset monetisation since September 2020, the filing said.

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