KepLand to sell 80% stake in Indonesian JV for S$57m

Singapore

KEPPEL Corporation Limited's property unit Keppel Land has agreed to divest its 80 per cent effective stake in an Indonesian joint venture for 529 billion rupiah (S$57 million), a move that is expected to yield an after-tax profit of about S$32 million.

Its wholly owned subsidiary Meadowsville Investment Pte Ltd entered into an agreement on Wednesday to sell its 80 per cent stake in PT Sentral Tunjungan Perkasa (PT STP) to PT Indadi Land, the group said.