Keppel Land increases stake in Saigon Centre in Ho Chi Minh City

KEPPEL Land on Sunday said it has acquired from its Vietnamese partner, Southern Waterborne Transport Corporation, an additional 16 per cent stake in the joint venture (JV) entities for Saigon Centre in Ho Chi Minh City, Vietnam.

The consideration for the purchase is 845.9 billion Vietnamese dong (about S$53.5 million), satisfied fully in cash and funded by internal financial resources.

Following the acquisition, Keppel Land has raised its aggregate interest in the JV companies for Saigon Centre Phases One and Two from about 45.3 per cent to 53.5 per cent, and its aggregate interest in the JV companies for subsequent phases of Saigon Centre from 68 per cent to 76.2 per cent.

Ang Wee Gee, CEO, Keppel Land, said: "Our increased stake in Saigon Centre reflects Keppel Land's confidence and long-term commitment to contribute to sustainable urbanisation in Vietnam with our quality portfolio of properties."

The transaction is not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation for the current financial year.