It sold its interests to Sabir Aliyev, a citizen and resident of the Republic of Azerbaijan.
Keppel Corporation’s indirect wholly owned subsidiary, FELS Baku, has entered into a sale and purchase agreement (SPA) to divest its 100% interest in HPJ Limited Liability Enterprise to Sabir Aliyev, a citizen and resident of the Republic of Azerbaijan, for $1.36m (AZN1.7m), an announcement revealed.
HPJ is a company incorporated under the laws of Azerbaijan and holds the right of permanent use of a plot of land in front of City Mansion complex in Baku, Azerbaijan.
The consideration was arrived at on a willing buyer-seller basis taking into account the latest market valuation of the plot of land of around US$700,000 to US$900,000, as of end-January 2019.
Following completion of the divestment, HPJ has ceased to be an indirect wholly owned subsidiary of Keppel Corporation.
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