Keppel unit raises stake in Vietnamese real estate development company to 45%

KEPPEL Corporation Limited said that its property unit Keppel Land Limited has agreed to acquire 25 per cent stake in Quoc Loc Phat Joint Stock Company (QLP) for 412.33 billion dong (S$25.6 million), raising its effective stake to 45 per cent.

The sale and purchase agreement was inked between Keppel Land's wholly owned subsidiary Orbista Pte Ltd and Pham Quang Hung, a shareholder of QLP.

QLP is a company incorporated in Vietnam and is involved in real estate development, particularly in Ho Chi Minh City.

The consideration will be satisfied fully in cash. The unaudited book value and net tangible asset value attributable to the sale shares as at June 30 were both 374.5 billion dong.

This transaction is not expected to have any material impact on the earnings per share or net tangible assets per share of Keppel Corp for the current financial year.