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Acquisition of 25% Interest in Quoc Loc Phat Joint Stock Company

Keppel Corporation acquired a 25% interest in Quoc Loc Phat Joint Stock Company for approximately $25.6 million. Following the acquisition, Keppel's effective shareholding in Quoc Loc Phat Joint Stock Company is 45%. Quoc Loc Phat Joint Stock Company is a real estate development company based in Ho Chi Minh City, Vietnam. The acquisition is not expected to have a material impact on Keppel Corporation's earnings or net tangible assets for the current financial year.

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Nguyen Quang Minh
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85 views

Acquisition of 25% Interest in Quoc Loc Phat Joint Stock Company

Keppel Corporation acquired a 25% interest in Quoc Loc Phat Joint Stock Company for approximately $25.6 million. Following the acquisition, Keppel's effective shareholding in Quoc Loc Phat Joint Stock Company is 45%. Quoc Loc Phat Joint Stock Company is a real estate development company based in Ho Chi Minh City, Vietnam. The acquisition is not expected to have a material impact on Keppel Corporation's earnings or net tangible assets for the current financial year.

Uploaded by

Nguyen Quang Minh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ACQUISITION OF 25% INTEREST IN QUOC LOC PHAT JOINT STOCK COMPANY

Keppel Corporation Limited (“Company” or “KCL”) wishes to inform that its subsidiary, Keppel Land Limited
has, through a wholly owned subsidiary, Orbista Pte Ltd, entered into a sale and purchase agreement (the
“Agreement”) with Mr Pham Quang Hung, (the “Vendor”), a shareholder of Quoc Loc Phat Joint Stock
Company (“QLP”), to acquire 37,500,000 shares (the “Sale Shares”), representing 25% of the total issued
share capital of QLP, an associated company of the Company (the “Transaction”), for a consideration of
VND 412,327,545,000 (approximately S$25.6 million) (the “Consideration”).

Following the completion of the Transaction, the Company’s effective shareholding in QLP is 45%.

QLP is a company incorporated in Vietnam and its activities involve real estate development, particularly in
Ho Chi Minh City, Vietnam.

The Consideration was arrived at on a willing-buyer, willing-seller basis, taking into account the fair value of
the assets and liabilities of QLP, and will be satisfied fully in cash. The unaudited book value and unaudited
net tangible asset value attributable to the Sale Shares as at 30 June 2016 were both VND
374,500,000,000 (approximately S$23.2 million).

The Transaction is not expected to have any material impact on the earnings per share or net tangible
assets per share of the Company for the current financial year.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect in the
Transaction, other than through their shareholding in the Company.

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