HCMC – Keppel Ltd. has announced the sale of a 70% stake in its Saigon Sports City project to Vietnamese developers HTV Dai Phuoc and Vinobly Investment Real Estate.
Jencity Limited, a subsidiary of Keppel, will transfer a 35% stake in the project’s holding company, Saigon Sports City Limited (SSCL), to each buyer, while retaining the remaining 30% stake.
SSCL holds the development rights to the project covering 64 hectares in HCMC.
HTV Dai Phuoc will acquire the 35% stake in two phases, for a total consideration ranging from VND2,879.3 billion to VND3,290.6 billion, subject to completion adjustments. Vinobly will acquire the other 35% stake for VND3,359.2 billion to VND3,839.0 billion, also subject to adjustments.
The transaction is pending regulatory approval. Keppel expects no significant impact on its earnings per share or net tangible assets per share for the current financial year.
