Keppel’s indirect wholly-owned subsidiary Keppel Smart City (Tianjin) Data Technology has entered into an agreement to form a joint venture company with Jinan Pioneer Investment Group to provide consulting services such as urban planning, investment strategies, industrial proportion and smart city solutions to a large scale integrated project in Jinan at China’s Shandong Province.
Keppel Smart City and Jinan Pioneer will subscribe for 49% and 51% equity interests in the joint venture company for RMB4.9 million ($913,3601) and RMB5.1 million respectively.
Half of the subscription price will be paid by August 30 after the establishment of the joint venture company. The balance of the subscription price will be paid by the parties by December 31.
The transaction is not expected to have any material impact on the net tangible assets per share or earnings per share of the company for the current financial year.
Shares in Keppel closed 4 cents lower or 0.6% down on July 29 at $6.54.
