Continue reading this on our app for a better experience

Open in App
Floating Button
Home News Company in the news

Keppel Land to wholly divest stake in Flemmington Investments for a total of US$98.6 mil

Felicia Tan
Felicia Tan • 1 min read
Keppel Land to wholly divest stake in Flemmington Investments for a total of US$98.6 mil
The total consideration will be fully paid in cash upon the completion of the divestment.
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Keppel Land Limited, the wholly-owned subsidiary of Keppel Corporation, is divesting its entire stake in Flemmington Investments for a total of US$98.6 million ($134.6 million).

Flemmington Investments holds a 42% stake in a project company which holds the rights to develop a site of approximately 30 hectares located in Ho Chi Minh City, Vietnam.

Of the amount, US$53.1 million is consideration for the sale shares, while the remaining US$45.5 million is for the repayment of shareholder’s loans.

The total consideration will be fully paid in cash upon the completion of the divestment.

The planned divestment is said to be in line with Keppel’s Vision 2030 asset monetisation plans to unlock capital, which can then be used for new growth opportunities.

Including the divestment, Keppel has announced about $3.1 billion asset monetisation since the launch of the programme in September 2020.

See also: Sembcorp issues $350 mil of guaranteed notes due 2036 at 3.65%

Shares in Keppel closed at $6.11 on March 14.

Photo: Keppel

Highlights

Re test Testing QA Spotlight
1000th issue

Re test Testing QA Spotlight

×
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.