KepLand unit completes stake sale in Indonesian JV
KEPPEL Corp said after Monday trading close its property arm has completed the divestment of a stake in an Indonesian joint venture at a revised total consideration of about 502 billion rupiah (about S$53 million).
The divestment, first announced on Jan 11, involved the sale of an 80 per cent stake in PT Sentral Tunjungan Perkasa (PT STP) held by Keppel Land's wholly-owned subsidiary, Meadowsville Investment Pte Ltd to PT Indadi Land.
Keppel Corp said the revised consideration of 502 billion rupiah - compared to some 529 billion rupiah announced on Jan 11 - was arrived at on a willing buyer willing seller basis taking into account the parties' agreement to vary a completion item and proceed with completion.
"A copy of the supplemental agreement entered into between Meadowsville and the purchase on 13 Mar 2017 to supplement the SPA (sale and purchase agreement) is available for inspection at the registered office of the company during normal business hours for a period of three months from the date of this announcement," Keppel said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Porsche posts Q1 profit drop on ramp-up costs
IBM plots US$730 million expansion of Canadian semiconductor site
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly