News

Commercial Property

Staff Reporter

, Singapore

Published:

10 months ago

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Photo from Unsplash by Radission US.

Keppel sells Saigon Sports City stake at a discount

The deal was first announced in 2024.

Keppel Ltd, through its subsidiary Jencity Ltd, has lowered the sale price of its 70% stake in Saigon Sports City Ltd to HTV Dai Phuoc Co. Ltd (Dai Phuoc) and Vinobly Investment Real Estate Joint Stock Company (Vinobly)

In a bourse filing, Keppel said Dai Phuoc and Vinobly have agreed to amend the terms of the divestments referred to in the 2024 announcement.

Under the new deal, Dai Phuoc and Vinobly will each buy 35% stake in Saigon Sports City at $128.5m or approximately VND2.59t.

The two will also extend a loan to Saigon Sports City of $48.4m, which will be used to repay part of an existing loan owed to Jencity.

When the deal was first announced in 2024, Dai Phuoc was to pay Jencity a cash consideration of $16.8m for 5% stake, and as much as S$172.8m for another 30% depending on when the conditions precedent are fulfilled, and subject to completion adjustments.

Meanwhile, Vinobly was previously offered 35% for as much as $201.5m.

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