SINGAPORE - Keppel Land's indirect subsidiary Ibeworth has converted 49 per cent of its 500 billion Vietnamese dong (S$30 million) convertible bonds issued by housing developer Nam Long Investment Corporation (NLG) into shares of NLG, at a price of 18,142 dong per share.

Following this, Keppel Corporation now owns, through Ibeworth, some 10 per cent of the total enlarged number of issued shares excluding treasury shares of NLG, up from about 5 per cent of the total number of pre-conversion issued shares.

Shares of NLG are listed on the Ho Chi Minh Stock Exchange.

Keppel Corp closed on Thursday at $6.250, up $0.05 or 0.8 per cent.