Keppel Corp's property unit raises stake in Vietnam real estate firm to 45%

It closed an acquisition deal for $25.6M.

Keppel Corporation Limited said that its property unit Keppel Land Limited has agreed to acquire 25 per cent stake in Quoc Loc Phat Joint Stock Company (QLP) for 412.33 billion dong (S$25.6 million), raising its effective stake to 45 per cent.

The sale and purchase agreement was inked between Keppel Land's wholly owned subsidiary Orbista Pte Ltd and Pham Quang Hung, a shareholder of QLP.

QLP is a company incorporated in Vietnam and is involved in real estate development, particularly in Ho Chi Minh City.

The consideration will be satisfied fully in cash. The unaudited book value and net tangible asset value attributable to the sale shares as at June 30 were both 374.5 billion dong.