Keppel Corporation : to acquire and develop a 3.8 hectare commercial and residential mixed-use development site in Nanjing, China, with an estimated total development cost in excess of five billion yuan , Keppel Corp announced on Wednesday. Keppel Land China unit Shanghai Ming Bu Industrial Co has entered a share-purchase agreement with Yincheng International Holding Co to acquire a 25 per cent stake in the JV company, Nanjing Zhijun Property Development Co, for 250 million yuan.
The notes are expected to be issued on Aug 27 by subsidiary Yanlord Land Co, and listed on the Singapore Exchange . Estimated net proceeds from the offering are around US$395 million, which the group says will be used for project development and acquisition, as well as general corporate purposes. Yanlord Land shares closed at S$1.20 on Wednesday, down two Singapore cents or 1.64 per cent.for the fourth quarter ended June 30, compared with a net profit of US$25.
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