The consideration, which was over the net asset value (NAV) of the shares of around US$43.9 million as at Feb 28, will be paid out over three tranches.
Keppel Land, a wholly-owned subsidiary of Keppel Corporation (SGX:BN4
) , along with its wholly-owned subsidiary, Double Peak Holdings, will be divesting 100% of the shares in Greenfield Development to Spring Blossom Ventures for a consideration of US$57.4 million ($75.6 million).
Greenfield Development, in turn, holds 100% of the total shares in Straits Greenfield, which has the right to build and operate a hotel in Myanmar.
