Keppel Ltd. (Keppel) is pleased to announce the unlocking of approximately S$477 million from real estate assets and investments in India and Vietnam, as part of its accelerated monetisation programme. With these, Keppel has approximately S$915 million in monetisation year to date, advancing the Company’s asset-light growth strategy.

The latest transactions involve Keppel divesting its entire stakes in a commercial building in India for S$379 million and Vietnamese developer Nam Long for approximately S$58 million. Keppel has also divested a partial 2.5% stake in Smartworks Coworking Spaces, following the latter’s recent initial public offering in India. In addition, a third-party partner has subscribed to a 30% effective stake in one of Keppel’s residential projects in Ho Chi Minh City, Vietnam.

Mr Lee Kok Chew, Keppel’s Head of the Accelerating Monetisation Task Force (AMTF), said, “By working closely with our operating divisions, we have been able to identify and structure transactions to optimise divestment speed and exit value. This latest milestone reflects our disciplined approach and strong commitment to deliver on Keppel’s asset monetisation goals.”

The divestments of stakes in Nam Long and Smartworks have since been completed, while the transaction for the commercial building in India and the subscription from a third-party are expected to be completed by 4Q 2025^[1]. Following the transactions, Keppel will continue to hold a 15% stake in Smartworks and an indirect 30% effective stake in the residential project in Ho Chi Minh City.

Since embarking on its asset monetisation programme in October 2020, Keppel has announced over S$7.8 billion in monetisation to date, with a near-term target to reach S$10-S$12 billion by end-2026. The monetisation of assets, together with Keppel’s growing recurring income, positions the Company well to continue investing in growth, reducing debt and rewarding its shareholders.

Each of the above-mentioned transactions is not expected to have any material impact on the net tangible asset per share or earnings per share of Keppel for the current financial year.

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About Keppel

Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.

 ^[1] Proposed divestment is subject to conditions to be fulfilled.