Keppel Land subsidiary acquires Alverno shares

The purchase consideration was US$13.3 million.

Keppel Land Limited announced that its wholly-owned indirect subsidiary Matchfit Investments Limited has entered into an agreement with PVPF 6 Limited, a wholly-owned subsidiary of PRUPIM Vietnam Property Fund Limited, for the acquisition of 9,518,250 shares held by PVPF in Alverno Investments Limited.

This represents 49% of the total issued share capital of Alverno. Alverno holds 100% of 1,942,500 Class A Preference Shares of US$10 each in Elaenia Pte. Ltd., a subsidiary of Keppel Land, which has a 75% interest in Riviera Point LLC, a joint venture between EPL and Tan Truong LLC.

The JV is developing a waterfront condominium development, Riviera Point, located in District 7, Ho Chi Minh City, Vietnam. The net asset value of Alverno comprises its investment in EPL only, through the Class A Shares.

The purchase of the sale shares was completed on 14 September 2012 following which Alverno is a wholly-owned indirect subsidiary of Keppel Land.