Keppel Land China wins lawsuit over sale of marina firm

It will be able to proceed with the selling its stake in Keppel China Marina Holdings.

Keppel Corporation Limited's (KCL) companies Keppel Land China Limited (KLCL) and Keppel China Marina Holdings Pte Ltd (KCMH) will be able to proceed with the selling of their stake in KCMH.

According to an announcement, the High Court of the Republic of Singapore dismissed the summons filed by KCMH minority shareholder Sunsea Yacht Club (Hong Kong) Company Limited (SYCHK) restraining the two from completing the divestment. The suit against KLCL and KCMH are also stayed on certain terms.

The costs are awarded to the KLCL and KCMH.

Singapore Business Review previously reported that SYCHK filed a writ of summons in the High Court of the Republic of Singapore blocking KLCL and KCMH from completing the sale of the 100% of KCMH.

KCMH holds an 80% stake in Sunseacan Investment, whilst SYCHK owns 20% of the firm.