29 February 2016 09:00 am Views - 1100
Singaporean real estate giant Keppel Land divested its stake in ‘The Belvedere’ condominium project in Kotahena coming under Keppel CT Developments Pvt Ltd for Rs.550 million, last week.
Singapore-based Straits Times, quoting the company said, the move was in line with its focus to strengthen its presence in its core markets, and recycling assets for higher returns.
Keppel Land, through its wholly-owned subsidiary Edmonton Pvt Ltd, had entered into a sale and purchase agreement to divest its 60 percent interest in Keppel CT Developments.
The balance sheet of Cargills (Ceylon) PLC, who was the Sri Lankan partner, showed it had increased its investments in associate companies—of which it only has two—by Rs. 1.3 billion from September to December 2015.
Keppel Land also sold off its US$ 10.86 million interest in a Vietnamese project in keeping with the strategy.
Keppel Land said the two transactions were not expected to have any material impact on the earnings per share and net tangible asset per share of parent, Keppel Corporation, for the current financial year.