Keppel Land: To dispose stake in Jakarta Garden City for S$290.5m.
Keppel Land plans to transfer its 51% interest in integrated township Jakarta Garden City to its partner PT Modernland Realty for S$290.5m. Of the 1,287 homes and shophouses launched in the project, 93% has been sold. Keppel expects a net proceed of S$275m from the sale, for a profit after tax of S$186m. (Source: The Business Times)
Tat Hong: Restructures holdings in China.
Tat Hong has agreed to allot shares in its wholly-owned Tat Hong Equipment (China) unit to 23.9% associate Yongmao in exchange for Yongmao's stake in two China subsidiaries. The value of the Tat Hong Equipment shares is Rmb78.7m (S$16.3m), which is equal to Yongmao's original cost of investment in the two China subsidiaries. The proposed restructuring agreement will allow the company to rationalise its shareholdings in its various subsidiaries in China and achieve a more efficient shareholding structure. (Source: The Business Times)
