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Keppel closes sale of stake in China marina development, recognises gain of S$289m

KEPPEL Corp has sold its stake in a China marina development for 2.9 billion yuan (S$597 million) and expects to recognise a gain of about S$289 million from the sale.

In an exchange filing late on Tuesday night, the company said its unit Keppel Land China has closed the divestment of its stake in Keppel China Marina Holdings.

The divestment had been in limbo last year as the project's minority shareholder, Sunsea Yacht Club (Hong Kong) Company, had tried to block the deal.

Sunsea has a 20 per cent stake in a joint venture that owns Keppel Cove, a residential and marina project in Zhongshan City, China. The remaining 80 per cent is held by Keppel China Marina Holdings.

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Sunsea had filed an application with the Court of Appeal in an attempt to stop Keppel from completing the sale, but this application was dismissed in February.

With the closing of the divestment, Keppel said it no longer holds stakes in Keppel China Marina Holdings, Sunseacan Investment (HK) Company and Sunsea Yacht Club (Zhongshan) Co.