Keppel Corp’s subsidiary inks sale and purchase deal worth $20.3m

It will buy a 20% stake in Vietnamese real estate firm.

Keppel Land Thu Thiem (KLTT) has inked a sale and purchase agreement (SPA) with Pham Quang Hung, a shareholder of Quoc Loc Phat (QLP), for a 20% stake in QLP.

According to the Keppel Corp’s announcement, KLTT will dole out VND329.86b (roughly $20.3m), payable upon the fulfillment of certain conditions specified in the SPA. Following the completion of the transaction, QLP will become an associated company of Keppel Corp.

Keppel Corp further stated that the consideration will be satisfied fully in cash.

The unaudited book value as well as unaudited net tangible asset value attributable to the 20% stake as at 31 December 2015 were both VND300b ($18.5m).

The company asserted that it does not expect the transaction to materially impact Keppel Corp’s earnings per share or net tangible assets per share for the current financial year.