Keppel Land Subscribes for VND 500b Convertible Bonds

Source: www.gulfoilandgas.com 4/8/2016, Location: Asia

Keppel Land Limited (Keppel Land), through its indirect subsidiary, Ibeworth Pte. Ltd. (Ibeworth), has entered into a subscription agreement with Nam Long Investment Corporation (NLG), a leading affordable housing developer in Ho Chi Minh City, for the subscription of VND 500 billion (approximately S$30.4 million) convertible bonds due in 2020 with a coupon rate of 7% per annum to be issued by NLG (Bond). Keppel Land may convert the Bond into ordinary shares of NLG, subject to conversion conditions. The conversion price will be VND 23,500 per share.

Earlier last year, Keppel Land, through Ibeworth, subscribed for 7.1 million new ordinary shares of NLG, representing approximately 5% stake of the company, at a purchase consideration of about VND140,580,000,000. If the total principal amount of the bonds are converted into shares, Keppel Land will hold up to approximately 15% in the enlarged share capital of NLG.

Mr Ang Wee Gee, CEO, Keppel Land, said, "We are happy to extend our partnership with NLG, a listed company in Vietnam and a recognised leader in the affordable housing market in Ho Chi Minh City. The subscription of the convertible bonds follows our initial investment in NLG last year and demonstrates our strong partnership with NLG as well as Keppel Land's commitment to continue to participate in the company's growth. It also underscores our confidence in the long-term investment potential of Vietnam, which is one of Keppel Land's key growth markets."

The abovementioned transaction is not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corporation Limited for the current financial year.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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