Keppel Corp acquires 4% interest in Kingsdale Development for $8.41m

The company currently holds 86% of the issued share capital in Kingsdale.

Keppel Corp, through its wholly-owned subsidiary, is acquiring an additional 4% interest in Kingsdale Development Pte Ltd (KDPL) from Prime Growth Investments Limited for $8.41m.

KDPL has an 80% stake in Spring City Golf & Lake Resort, a golf resort located in Kunming, China.

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Keppel, through its various subsidiaries, owns a total of 86% of the issued share capital of KDPL. Prime and another third-party company hold 4% and 10%, respectively.

The sale is expected to be completed in the fourth quarter of 2022, bringing Keppel’s interest in KDPL up to 90%

Keppel said the acquisition 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.