Singapore conglomerate Keppel Corp. Ltd. (KPELY) said Thursday its unit Keppel Land Ltd. agrees to sell Keppel China Marina Holdings Pte Ltd. to Delight Prime Ltd. for 2.9 billion yuan (US$437 million), a move to recycle assets to seek higher returns.
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Keppel China Marina owns a 80% stake in Sunsea Yacht Club (Zhongshan) Co. Ltd., a joint venture company which owns and develops Keppel Cove, an integrated residential cum marina lifestyle development on Modao Island in Zhongshan city, southern China, Keppel said.
The group expects to book a gain of 290 million Singapore dollar (US$213.2 million) from the divestment, Keppel said in the statement.
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(END) Dow Jones Newswires
October 25, 2017 20:11 ET (00:11 GMT)