Keppel Corporation has, through its real estate division, completed the divestment of its 100% stake of Greenfield Development to Spring Blossom Ventures.
Greenfield Development holds 100% of the shares in Straits Greenfield Limited (SGL), which has the right to build and operate Sedona Hotel Yangon, a five-star hotel in Yangon, Myanmar.
The cash consideration from the divestment is around US$57.4 million ($75.6 million) and is subject to completion adjustments. The consideration is more than the net asset value (NAV) of the sale shares of about US$43.9 million as at Feb 28.
Shares in Keppel closed 9 cents lower or 1.35% down at $6.57 on Oct 16.
