SINGAPORE (Jan 28): Keppel Corporation announced that a wholly-owned subsidiary Keppel Land Limited (KLL), Portsville, is divesting a 70% interest in Dong Nai Waterfront City (DNWC) to Nam Long Investment Corporation for a consideration of VND 2,313 billion ($136 million).

DNWC is a company incorporated under the laws of Vietnam and had been granted the right to develop a township in Dong Nai Province.

DNWC, jointly held by KLL and a joint venture partner, is undergoing a demerger and upon the issuance of an Investment Registration Certificate by the relevant Vietnamese authorities, DNWC will become a wholly-owned subsidiary of Portsville with the rights to develop a 170 ha plot of land. DNWC also currently holds a 28 ha plot of land which is excluded from the proposed divestment.

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