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.