KepLand realises $149m net gain from stake sale

Singapore

KEPPEL Land has completed the divestment of its 51 per cent shareholding in Jakarta Garden City. Based on a sale consideration of about 2.294 trillion rupiah (about $249 million), this translates into net proceeds of about $237 million. The divestment will see Keppel Land realise a net gain of about $149 million.

The buyer, PT Modernland Realty Tbk, previously held a 49 per cent effective stake in both PT Mitra Sindo Sukses and PT Mitra Sindo Makmur, which own Jakarta Garden City, an integrated township. Keppel Land held the majority 51 per cent stake.