Keppel Land sells 80% stake in Surabaya mall

KEPPEL Land (KepLand), through its wholly owned subsidiary PT Keppel Land, has divested its 80 per cent stake in BG Junction - a strata-titled retail development in Indonesia's Surabaya - to Silverise Enterprise and PT Pelangi Arjuno, for about 400 billion rupiah (S$42.8 million).

The sale is expected to yield an after-tax profit of about S$12.5 million for KepLand, the company said in an announcement to SGX on Monday.

The transaction is expected to be completed by the end of this year.