Keppel Land, the Singaporean-backed Keppel Corporation's wholly-owned subsidiary, is divesting its entire stake in Flemington Investments for $98.6 million.
Via Flemington Investments Pte Ltd, Keppel Land is holding a 42% stake in a project developer with rights to develop a 30ha site in Ho Chi Minh City.
Of the total shares worth $98.6 million, $53.1 million was considered for the sale of shares, while the remaining $45.5 million set aside to pay off shareholder loans. Following the conclusion of the divestment, the sale of shares and loan repayment will be paid fully in cash, according to a corporate release.
The divestment of Keppel Land was consistent with Keppel’s Vision 2030 asset monetisation plans to unlock capital that may be reinvested in new growth opportunities. Keppel has announced about $3.1 billion in asset monetisation since the program was launched in September 2020, which includes this divestment.
Keppel Corporation’s main business lines are energy, environment, urban development, connectivity, asset management, marine, innovation and technology. Its shares closed at SGD4.45 ($3.28) on April 3.