Keppel Corp completes sale of China marina project

Keppel Corporation's logo seen on its building in Singapore.
Keppel Corporation's logo seen on its building in Singapore.PHOTO: AFP

SINGAPORE - Keppel Corporation said before Monday (April 2) trading hours it has completed substantially the divestment of an indirect stake in Sunsea Yacht Club (Zhongshan) Co held by a subsidiary of the conglomerate's property arm.

Keppel Land China has received about 2.87 billion yuan (S$597.5 million) towards the sale of its wholly owned Keppel China Marina Holdings, which owns an indirect 80 per cent effective stake in Sunsea Yacht Club (Zhongshan) Co. The amount received by Keppel Land China represents the entire consideration agreed with the buyer, Delight Prime, back in October 2017. Keppel Land China is expected to receive on Monday a further amount of about S$7 million.

"Given such payment, the company is of the view that the divestment is substantially complete," Keppel Corp said.

Sunsea owns Keppel Cove, a residential cum marina development on Modao Island, Zhongshan City of China.

The completion of the deal came after the Court of Appeal dismissed in late February an application filed by Sunsea Yacht Club (Hong Kong) against Keppel Corp's divestment.

The Court of Appeal had discharged the High Court's order made on Dec 22 to restrain Keppel Land China from completing the divestment.

Keppel Corp last traded at S$7.77 on Friday, up 11 Singapore cents.