Keppel to fully divest stake in Vietnam property developer

KEPPEL Corporation on Monday said that it would sell an investment holding company Orbista Pte Ltd for US$30 million, as part of its full divestment in Vietnamese property developer Quoc Loc Phat Joint Stock Company (QLP) that had been earlier announced in June.

Orbista, which holds a 15 per cent shareholding interest in QLP, has been sold to Fortune Paradise Holdings, Keppel said in a regulatory filing. 

Keppel, through its property unit Keppel Land, previously owned a total 45 per cent stake in QLP. It sold the equivalent of a 30 per cent stake in QLP in late June for about S$41.2 million to Pham Quang Hung. The earlier divestment translated to a gain of about S$13 million. 

Keppel said that the latest sale of Orbista is in line with the Keppel Land's strategy to recycle assets to seek higher returns. The sale is expected to be completed in the third quarter of 2018.