Keppel Corp is fully divesting its investment holding unit Willowville to Oasis Real Estate Investment for US$5.5 million ($7.37 million).
Willowville has a 60% stake in a project company which holds the rights to develop a site in District 1 of Ho Chi Minh City, Vietnam.
Completion of the divestment is expected to take place by the first half of 2023. Following the completion, Willowville will cease to be a subsidiary of the company.
The divestment is in line with Keppel’s Vision 2030 asset monetisation plans to unlock capital, it said in a filing.
The transaction is not expected to have any material impact on Keppel’s net tangible assets per share or earnings per share for the current financial year.
Shares in Keppel closed 3 cents lower or 0.4% down on Feb 8 at $7.08.
