Keppel Land sells associated company

Purchase consideration was US$500,000.

Keppel Land Limited announced that its wholly-owned subsidiary Silkland Investment Pte Ltd has completed the sale to PT Suryaraya Investama of 3,600 shares held by SIPL in PT Purosani Sri Persada, representing 20% of the issued and paid-up capital of PTPSP.

The purchase consideration was arrived at on a willing-buyer and willing-seller basis, taking into account the fair market value of PTPSP’s assets. The unaudited net asset value attributable to the sale shares as at 31 August 2012 was approximately negative US$621,000.

Following the completion of the sale, Keppel Land no longer holds any shareholding in PTPSP, and PTPSP ceases to be an associated company of Keppel Land.