Keppel Land sells Orbista for $40.2m

As a result, it has dropped the ownership of Vietnamese developer QLP.

Keppel Land Limited (KLL) indirect subsidiary Orbista was sold to Fortune Paradise Holdings Limited (Fortune) for $40.2m.

According to an announcement, KLL holds 100% of Oil Asia, which holds 100% of Orbista. Orbista holds a 15% interest in Quoc Loc Phat Joint Stock Company (QLP) which is an appointed developer of a property in Ho Chi Minh City, Vietnam.

KLL previously said it intended to sell its indirect interest of 15% shareholding in QLP which is held through its wholly-owned subsidiary, Oil Asia, which in turn, holds 100% of the shareholding interest in Orbista. Its subsidiary Keppel Land Thu Thiem sold its interest in QLP for $41.2m.

KLL regularly reviews its portfolio and the Orbista divestment is in line with the KLL's strategy to recycle assets to seek higher returns, the company said.

Orbista will cease to be a subsidiary of KLL, whilst KLL will cease to have any interest in QLP.

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