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Keppel Land Ltd Proposes Divestment Of Entire 51% Interest In Jakarta Garden City To PT Modernland Realty Tbk


Wednesday, 24 Jul 2013 07:14am EDT 

Keppel Land Limited announced that its direct wholly-owned subsidiaries, Le-Vision Pte Ltd and Castlehigh Pte. Ltd as vendors , PT Modernland Realty Tbk as purchaser, and William Honoris, as covenantor have entered into a conditional sale and purchase agreement for the sale by the Vendors to the Purchaser of their respective interests in the integrated township, Jakarta Garden City, comprising: 3,610,290 fully paid shares of Rp. 100,000 each held by Le-Vision in PT Mitra Sindo Sukses, constituting 51% of the total issued share capital of MSS; and 1,224,000 fully paid shares of Rp. 100,000 each held by Castlehigh in PT Mitra Sindo Makmur, constituting 51% of the total issued share capital of MSM. Keppel Land entered into the joint venture for the Jakarta Garden City township project in 2004 with Modernland (which is listed on the Indonesia Stock Exchange), with Keppel Land (through Le-Vision and Castlehigh) holding 51% and Modernland holding 49%, respectively, in the joint venture companies, MSS and MSM. The aggregate purchase price payable by Modernland to the Vendors for the Sale Shares is Rp. 2,294,360 million (approximately SGD290.5 million) and is to be satisfied wholly in cash. Completion is expected to take place no later than November 30, 2013 or such later date as may be determined by the Vendors (in their sole discretion) and specified in writing by the Vendors to the Purchaser.