Minority shareholder blocks Keppel Land China's stake disposal

KLCL wants to sell its marina firm for $593m.

Keppel Corporation Limited's (KCL) planned $593m (CNY2.9b) disposal of its stake in a China marina project is being blocked by a minority shareholder through a lawsuit in Singapore.

Keppel said in an announcement that Keppel Land China Limited (KLCL) entered an agreement for the sale of its 100% stake in Keppel China Marina Holdings (KCMH).

KCMH holds an 80% stake in Sunseacan Investment, whilst 20% of the firm is owned by Sunsea Yacht Club Hong Kong Company Limited (SYCHK).

SYCHK filed a writ of summons in the High Court of the Republic of Singapore that blocked the two from completing the divestment.

The firm said it will "vigorously defend against the court's summons for interim relief."

A hearing for the summons happened on 20 November 2017 and will be continued on 4 December 2017.