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Minority shareholder blocks Keppel Land China's stake disposal

Singapore Business Review
Minority shareholder blocks Keppel Land China's stake disposal

KLCL wants to sell its marina firm for $593m.

Keppel Corporation Limited's (KCL) planned $593m (CNY2.9b) disposal of its stake in a China marina project is being blocked by a minority shareholder through a lawsuit in Singapore.

Keppel said in an announcement that Keppel Land China Limited (KLCL) entered an agreement for the sale of its 100% stake in Keppel China Marina Holdings (KCMH).

KCMH holds an 80% stake in Sunseacan Investment, whilst 20% of the firm is owned by Sunsea Yacht Club Hong Kong Company Limited (SYCHK).

SYCHK filed a writ of summons in the High Court of the Republic of Singapore that blocked the two from completing the divestment.

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The firm said it will "vigorously defend against the court's summons for interim relief."

A hearing for the summons happened on 20 November 2017 and will be continued on 4 December 2017.



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