Keppel units sell Cebu building for 794m pesos

CONGLOMERATE Keppel Corporation said that its subsidiaries have sold their stakes in an office and residential building in Cebu, the Philippines, for 794 million pesos (S$21 million).

Subsidiaries Kephinance Investment Pte Ltd and Kepwealth Inc sold the entire issued shares of holding company Kepwealth Property Phils, Inc (KPPI) to Euro Capital Land, Inc.

"The divestment allows for the recycling of capital for other opportunities," Keppel said.

The market value of the properties owned by KPPI and the unaudited book value and net tangible asset value of the shares at end-September was 373.5 million pesos.

Keppel last traded at S$7.46, up six Singapore cents, before the announcement.