SINGAPORE: Keppel Land Limited (KLL) is divesting its 100% fairness curiosity in Flemmington Investments Pte. Ltd. (FIPL).
FIPL holds a 42% stake in a project firm with rights to develop a site of roughly 30 hectares located in Ho Chi Minh City, Vietnam.
Keppel Land Limited (KLL) is a wholly-owned subsidiary of Keppel Corporation Limited.
Subject to the entry into additional definitive agreements and the necessary approval, the purchaser will purchase the shares of Flemington Investments for $53.1 million as consideration, and $45.5 million as repayment of shareholder’s loans of an equal amount, in every case topic to completion adjustments.
The sale shares consideration and mortgage repayment will be paid fully in money upon completion of the divestment.
The worth of the shares was arrived at on a willing-buyer and willing-seller foundation based on the adjusted net asset value.
The deliberate divestment is in line with Keppel’s Vision 2030 asset monetisation plans to unlock capital which can be channelled towards new growth opportunities. Including this Divestment, Keppel has introduced about S$3.1 billion of asset monetisation since the launch of the asset monetization programme in September 2020.
Following completion of the divestment, FIPL will stop to be a subsidiary of the company.
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