Keppel Corporation announced that Keppel Land’s wholly-owned subsidiary VN Prime Vietnam (VNPN) is acquiring a 65% stake in company to be incorporated (project company) which will hold a retail property in Hanoi, Vietnam.
The Project is part of a mixed-use commercial development, which is under construction and slated for completion in 2025.
VNPV will acquire 65% interest in the project company for an aggregate consideration of approximately VND1.23 trillion ($70 million), subject to completion adjustments. The consideration will be payable in cash in two tranches. Binh Minh Investment and Trading Development Joint Stock Company will hold the remaining 35% interest.
The consideration was arrived at on a willing-buyer, willing-seller basis, taking into account, among others, the adjusted net asset value of VNPV’s Interest, based on the agreed value of the project attributable to VNPV’s Interest, which was approximately VND1.23 trillion as at Mar 31. Completion of the acquisition is subject to the satisfaction of conditions precedent (including but not limited to the obtaining of the requisite approvals).
None of the directors or controlling shareholders of the company has any interest, direct or indirect, in the acquisition, other than through their shareholding interests in the company.
Shares in Keppel closed 2.7% lower on July 6 at $6.49.
