Keppel Corporation, through Keppel Telecommunications & Transportation (Keppel T&T), has divested its entire 50% equity interest in Wuhu Sanshan Port on Nov 12.
Keppel’s interest will be sold to Sinotrans Limited for a total cash consideration of RMB170 million ($36 million).
The consideration amount took into account the unaudited net asset value (NAV) of the sale shares as at July 31 of RMB97.0 million.
Of the amount, RMB34 million will be paid into an escrow account, expected by Dec 2. The remaining RMB136 million will be paid into the escrow account upon the completion of the proposed transaction.
The funds will be released to Keppel T&T upon the completion of the transaction
The transaction is expected to take place in 4QFY2021. Following that, Wuhu Sanshan Port will no longer be an associate of Keppel Corporation.
See also: Interra Resources granted 12-month extension to meet SGX watch-list exit requirements
Shares in Keppel Corp closed 1 cent higher or 0.19% up at $5.29 on Nov 12.
