Keppel Land Vietnam Properties Pte. Ltd., the wholly-owned subsidiary of Keppel Land, is divesting 100% of its stake in Willowville to Oasis Asia Real Estate Investment Pte. Ltd. for a consideration of US$5.5 million ($7.4 million).
Willowville owns a 60% stake in a project company that holds the rights to develop a site in District 1 of Ho Chi Minh City, Vietnam.
The consideration, which will be paid in two tranches, factored in the adjusted net asset value of Willowville’s shares, based on the agreed value of the site attributable to the shares sold.
The adjusted net value of the sale shares was around US$5.5 million as at Dec 31, 2022.
The divestment is expected to be completed by the first half of 2023.
According to Keppel Corporation, the divestment is in line with the group’s Vision 2030 asset monetisation plans.
See also: Send Notif Breaking NewsQA Foreground3
Shares in Keppel closed 3 cents lower or 0.42% down at $7.08 on Feb 8.
