Keppel Land raises stake in Saigon Centre for S$54 mil

SINGAPORE (March 20): Keppel Land has increased its stakeholdings in Saigon Centre shopping complex.

Keppel Land on Sunday said it had acquired an additional 16% stake in the joint venture (JV) entities for Saigon Centre in Ho Chi Minh City, Vietnam.

The seller is its Vietnamese JV partner, Southern Waterborne Transport Corporation,

The consideration for the purchase is VND845.9 billion (S$53.5 million or RM169.3 million), to be satisfied fully in cash and funded by internal financial resources.

Following the acquisition, Keppel Land has raised its aggregate interest in the JV companies for Saigon Centre Phases One and Two from about 45.3% to 53.5%, and its aggregate interest in the JV companies for subsequent phases of Saigon Centre from 68% to 76.2%.

Ang Wee Gee, CEO, Keppel Land, said: "Our increased stake in Saigon Centre reflects Keppel Land's confidence and long-term commitment to contribute to sustainable urbanisation in Vietnam with our quality portfolio of properties."

Keppel Land is the private-held property division of Keppel Corp which closed 1 Singapore cent higher at S$6.87 on Friday. — theedgemarkets.com.sg

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