SINGAPORE (Oct 30): Keppel Corporation announced last Thursday that Keppel Land China is divesting its 100% stake in Keppel China Marina Holdings (KCMH) for RMB2.9 billion ($597.4 million).
KCMH indirectly owns an 80% effective interest in Sunsea Yacht Club (Zhongshan), a JV which owns and develops Keppel Cove, an integrated residential cum marina lifestyle development on Modao Island in Zhongshan city, China.
With this divestment, a gain of about $290 million is expected to be recognised. Completion is expected to take place by the end of this year.
