02:43 (GMT +7) - Sunday 23/10/2016

Banking & Finance

Keppel Land buys stake in Nam Long

Released at: 16:30, 26/04/2016

Keppel Land buys stake in Nam Long

The ceremony entitled "Announcement of a new corporate strategy – VND500 billion Convertible Bonds"

Two parties conclude a $22.3 million convertible bond subscription agreement.

by Hong Nhung

Keppel Land Limited Company (Keppel Land), through its wholly owned subsidiary Ibeworth Pte Ltd, and Nam Long Investment Corporation (NLG) have signed a $22.3 million Convertible Bond Subscription Agreement. If the convertible bonds are converted into ordinary shares of NLG, Keppel Land will own approximately 15 per cent.

“We are happy to extend our partnership with NLG, a listed company in Vietnam and a recognized investor in the affordable housing market in Ho Chi Minh City,” Mr. Ang Wee Gee, CEO of Keppel Land, said on April 22. “The subscription of the convertible bonds follows our initial investment in NLG last year and demonstrates our strong partnership with NLG as well as Keppel Land’s commitment to continue to participate in the company’s growth. It also underscores our confidence in the long-term investment potential of Vietnam, which is one of Keppel Land’s key growth markets.”

Mr. Nguyen Xuan Quang, Chairman of NLG, affirmed that “NLG is extremely proud that the company’s development strategy is again highly appreciated by Keppel Land, one of Asia’s premier property companies, together with prestigious names like Goldman Sachs, the IFC, ASPL, and Mekong Capital. We always look forward to collaborating with leading partners in the property sector in order to improve our capacity and efficiency and, in turn, bring value to our customers and benefits to our shareholders.”

He also expressed his appreciation of Keppel Land’s deep understanding of the Vietnamese market in particular and of the regional market in general, which strengthens their confidence in the strategy and NLG will strive to implement its commitments to shareholders, partners and the community.

In July 2015 Keppel Land, also through Ibeworth, subscribed for 7.1 million new ordinary shares issued by NLG, representing approximately 5 per cent of the company’s total.

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