KepLand subsidiary shelled out S$45.5m in Parksville shares acquisition

Parksville owned 34 units in Nassim Woods project.

Keppel Land Limited announced that its wholly-owned subsidiary, Denton Investment Pte Ltd, has today acquired 10,500,000 shares, each fully paid, in the share capital of Parksville.

Prior to the acquisition, Keppel Land, through Denton, held 50% of the share capital of Parksville.

Following the acquisition, Denton holds 100% of Parksville. Parksville owns 34 units in a 10-storey development known as Nassim Woods.

Keppel Land commissioned an independent property valuer, Jones Lang LaSalle Property Consultants Pte Ltd, to value the 34 units in Nassim Woods. In its report dated 6 March 2013, JLL stated that the market value of the 34 units in Nassim Woods was approximately S$133.42 million.

The consideration for the Sale Shares in the amount of approximately S$45.5 million, based on the net tangible assets of Parksville taking into consideration the liabilities and assets of Parksville and the independent valuation conducted by JLL, is satisfied fully in cash from internal funds.

The above transaction is not expected to have any significant impact on the net tangible asset per share or earnings per share of Keppel Land for the current financial year.