SINGAPORE (Yosefardi) – Keppel Land Limited has completed the divestment of 52% shares in in the integrated township, Jakarta Garden City.
Its direct wholly-owned subsidiaries, Le-Vision Pte Ltd and Castlehigh Pte. Ltd., as vendors, PT Modernland Realty Tbk as purchaser, and William Honoris, as covenantor, has entered into a conditional sale and purchase agreement for the sale to Modernland of the Keppel Land’s interest in Jakarta Garden City.
The transaction comprises 3,610,290 fully paid shares of Rp. 100,000 each held by Le-Vision in PT Mitra Sindo Sukses (MSS), constituting 51% of the total issued share capital of MSS and 1,224,000 fully paid shares of Rp. 100,000 each held by Castlehigh in PT Mitra Sindo Makmur (MSM), constituting 51% of the total issued share capital of MSM.
The transaction was completed Friday (November 22). Consequently, the Keppel Land Group has ceased to have any interest in Jakarta Garden City, MSS and MSM.
The Keppel Land Group realised a net gain of approximately S$149 million and received net proceeds of approximately S$237 million from the Transaction which was effected at the sale consideration of Rp. 2,294,360 million (approximately S$249 million). The net proceeds will enable Keppel Land to pursue other opportunities in Indonesia, with a focus on Jakarta.