Keppel Corp acquires 20% of Vietnamese property developer

KEPPEL Corporation is acquiring a 20 per cent stake in Vietnam real estate development firm Quoc Loc Phat Joint Stock Company (QLP) for 329.9 billion dong (S$20.3 million).

After the close of the deal, QLP will become an associated company of Keppel.

The firm said on Monday that it has entered into a sales-and-purchase agreement with Pham Quang Hung, a QLP shareholder.

The unaudited book value and net tangible asset attributable to the stake as at Dec 31 was 300 billion dong, noted Keppel in its announcement, adding that the deal is not expected to have any material impact on its earnings or net tangible assets for the current financial year.