Keppel Land divests shares in Greenfield Development for $75.6m
The shares will go to Spring Blossom Ventures.
Keppel Land Limited and its wholly owned subsidiary, Double Peak Holdings, will divest 100% of the issued share capital of Greenfield Development (GDPL) to Spring Blossom Ventures for $75.6m.
Spring Blossom Ventures will pay for the shares in three tranches.
According to a bourse filing by Keppel Corporation, Keppel Land’s parent company, GDPL holds 100% of the issued share capital of Straits Greenfield Limited (SGL), which has the right to build and operate a hotel in Myanmar.
Keppel Land expects to complete the divestment by the first half of 2023. After the divestment, GDPL and SGL will cease to be subsidiaries of Keppel Corporation.
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