Keppel Land ups stake in Vietnam's Saigon Centre

Singapore

KEPPEL Land on Sunday said it has acquired an additional 16 per cent stake in the joint venture (JV) entities for Saigon Centre in Ho Chi Minh City, Vietnam, for a sum of 845.9 billion Vietnamese dong (S$53.5 million) in cash to be funded by internal financial resources. The seller is Keppel Land's Vietnamese partner, Southern Waterborne Transport Corporation,

Following the purchase, 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.