Keppel Land said wholly-owned subsidiary, Kingsley Investment, has
entered into a sale and purchase agreement with Hong Lim Investments,
Prime Growth Investments and Penfield Company to acquire a total of
54,000 shares in Kingsdale Development for US$38.6 million ($47.3
million) and shareholders’ loans of US$22.64 million for US$61.27
million.
This means the total cost of acquisition of shares and loans amount of US$61.27 million which will be satisfied fully in cash.
The 54,000 shares represent 36% of the total issued share capital of Kingsdale.
Prior to the shares acquisition, Keppel Land owns 50% of the total
issued share capital of Kingsdale through Spring City Resort, an
indirect wholly-owned subsidiary of Keppel Land.
Incorporated in Singapore, Kingsdale owns an 80% stake in Spring City
Golf & Lake Resort in Kunming, China. Spring City is an integrated
resort comprising two championship golf courses as well as resort homes
for sale over several phases.
Post-acquisition, Kingsley Investment owns 36% of the total issued share
capital of Kingsdale. Prime Growth and KMP China Investments own the
remaining 14% of the total issued share capital of Kingsdale.
The audited net asset value attributable to the sale shares as at 31 December 2011 was $5.1 million.
Hong Lim Investments is an indirect wholly-owned subsidiary of Temasek
Holdings which is deemed to be a controlling shareholder of Keppel Land
through Keppel Corporation.
No comments:
Post a Comment