SINGAPORE - Keppel Land has in recent weeks divested its stakes in two property companies in Sri Lanka and Vietnam, it said on Friday (Feb 26).
The company said the move was in line with its continual focus on strengthening its presence in its core markets and growth cities, and recycling assets for higher returns.
Keppel Land said its wholly-owned subsidiary, Edmonton Pte Ltd, entered into a sale and purchase agreement to divest its 60-per cent interest in Keppel CT Developments Pte Ltd, a joint venture company in Sri Lanka, for a total of 550 million rupees (S$5.5 million). The joint venture company was formed for the development of a condominium located in Colombo, Sri Lanka.
Separately, Keppel Land and Kepventure Pte Ltd entered into a sale and purchase agreement to sell their 55-per cent and 45-per cent respective interests in Fernland Investment Pte Ltd for a total of US$10.86 million (S$15.2 million). Fernland holds a 78.58-per cent stake in an office building in Hanoi, Vietnam.
Keppel Land said the two transactions are not expected to have any material impact on the earnings per share and net tangible asset per share of parent, Keppel Corporation, for the current financial year.
Kepventure Pte Ltd is also a subsidiary of Keppel Corp.