Keppel Land unit ends joint venture for Chennai residential project

Sharanya Pillai

Published Thu, Jun 30, 2022 · 08:12 PM

ORIZONA, a wholly-owned unit of Keppel Land, has terminated a joint venture announced in 2020 with Emerald Haven Realty to develop a residential project in Chennai in south-eastern India.

In a Thursday (Jun 30) bourse filing, Keppel Corp said that Orizona, Emerald Haven and other entities involved have entered a deal to terminate the share-purchase agreement in relation to the acquisition of sale shares, and the joint-venture agreement in relation to the subscription and allocation of compulsorily convertible debentures (CCDs).

Orizona had not made any payment for the acquisition under the share-purchase agreement or for the subscription and allocation of CCDs under the joint-venture agreement. With the termination, the parties have no further liability to each other from Thursday.

There will not be any material impact on the earnings per share and net tangible asset per share of Keppel for the current financial year. Shares of Keppel closed at S$6.49 on Thursday, down 0.5 per cent.