Keppel's Jencity divests 70% stake in Saigon Sports City Limited
Post divestment, Jencity will still have a 30% stake in SSCL.
Keppel Limited's subsidiary, Jencity Limited (Jencity), will divest a 70% stake in Saigon Sports City Limited (SSCL) to two parties.
HTV Dai Phuoc Company Limited will purchase a 35% stake in two tranches, and the other 35% will be divested to Vinobly Investment Real Estate.
Post divestment, Jencity will still have a 30% stake in SSCL.
Dai Phuoc will pay Jencity a cash consideration of VND320.0b ($16.8m), subject to completion adjustments, for 5% of the charter capital of SSCL.
For the remaining 30%, Dai Phuoc will pay between VND2,879.3b ($151.2b) and VND3,290.6b ($172.8m). Vinobly, on the other hand, will pay Jencity between VND3,359.2b ($176.4m) and VND3,839.0b ($201.5m) for the 35% stake.
Dai Phuoc’s 30% and Vinobly’s 35% stake acquisitions are subject to conditions precedent, including obtaining regulatory approvals for the project in Ho Chi Minh, Vietnam, where SSCL holds the right to develop a 64-hectare land plot.
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