Keppel Corporation has announced that its wholly-owned subsidiary, Keppel Marina Holdings (KMH), has divested its entire 100% interest in Waterfront Investment (WIPL) and assigned its existing shareholder loan to WIPL for an aggregate cash consideration of approximately $2 million.
The net asset value attributable to the stake in WIPL was approximately negative $13.4 million as at 30 April. Excluding the advances extended by KMH, the adjusted net asset value attributable to the stake was approximately $1.6 million.
Following completion of the divestment, WIPL has ceased to be a subsidiary of the company.
The divestment is not expected to have any material impact on the net tangible assets per share or earning per share of the company for the current financial year.