Keppel to fully divest stake in Vietnam property developer
KEPPEL Corporation on Monday said that it would sell an investment holding company Orbista Pte Ltd for US$30 million, as part of its full divestment in Vietnamese property developer Quoc Loc Phat Joint Stock Company (QLP) that had been earlier announced in June.
Orbista, which holds a 15 per cent shareholding interest in QLP, has been sold to Fortune Paradise Holdings, Keppel said in a regulatory filing.
Keppel, through its property unit Keppel Land, previously owned a total 45 per cent stake in QLP. It sold the equivalent of a 30 per cent stake in QLP in late June for about S$41.2 million to Pham Quang Hung. The earlier divestment translated to a gain of about S$13 million.
Keppel said that the latest sale of Orbista is in line with the Keppel Land's strategy to recycle assets to seek higher returns. The sale is expected to be completed in the third quarter of 2018.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
OpenAI inks licensing deal with People magazine publisher
Apple unveils new AI-focused chip in upgraded iPad Pro models
DBS CEO Piyush Gupta sells S$2.7 million worth of bank shares
Disney's surprise streaming entertainment profit offset by weaker TV business
Geely, Foretellix partner to jump-start self driving car development
US: Wall Street opens slightly higher on rate cut optimism