Stock market Analysis : Keppel Land raises stake in Saigon Centre for $54 mil

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Keppel Land has expanded its stakeholdings in Saigon Center shopping complex.

Keppel Land on Sunday said it had obtained an extra 16% stake in the joint wander (JV) substances for Saigon Center in Ho Chi Minh City, Vietnam.

The dealer is its Vietnamese JV accomplice, Southern Waterborne Transport Corporation,

The thought for the buy is VND845.9 billion ($53.5 million), to be fulfilled completely in real money and supported by interior monetary assets.

Taking after the obtaining, Keppel Land has brought its total enthusiasm up in the JV organizations for Saigon Center Phases One and Two from around 45.3% to 53.5%, and its total enthusiasm for the JV organizations for resulting periods of Saigon Center from 68% to 76.2%.

Ang Wee Gee, CEO, Keppel Land, stated: “Our expanded stake in Saigon Center reflects Keppel Land’s certainty and long haul duty to add to reasonable urbanization in Vietnam with our quality arrangement of properties.”

Keppel Land is the private-held property division of Keppel Corp which shut 1 penny higher at $6.87 on Friday.

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