KEPPEL Land on Sunday said it has acquired from its
Vietnamese partner, Southern Waterborne Transport Corporation, an additional 16
per cent stake in the joint venture (JV) entities for Saigon Centre in Ho Chi
Minh City, Vietnam.
The consideration for the purchase is 845.9 billion
Vietnamese dong (about S$53.5 million), satisfied fully in cash and funded by
internal financial resources.
Following the acquisition, Keppel Land has raised its
aggregate interest in the JV companies for Saigon Centre Phases One and Two
from about 45.3 per cent to 53.5 per cent, and its aggregate interest in the JV
companies for subsequent phases of Saigon Centre from 68 per cent to 76.2 per
cent.
Ang Wee Gee, CEO, Keppel Land, said: "Our increased
stake in Saigon Centre reflects Keppel Land's confidence and long-term
commitment to contribute to sustainable urbanisation in Vietnam with our
quality portfolio of properties."
The transaction is not expected to have any material impact
on the earnings per share and net tangible asset per share of Keppel
Corporation for the current financial year.
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