Stock News: Keppel Land sells stake in Shanghai office tower for 45.8 mln sgd

Keppel Land Ltd said it has agreed to sell its 30 pct stake in Sing-Mas Investments Pte Ltd to Ascendas Land International Pte Ltd for 45.8 mln sgd. Sing-Mas is a joint venture between Keppel Land, Sing Holdings Ltd and Hong Lim Investments Pte Ltd, and owns 97.6 pct of Ocean Towers in Shanghai through a China subsidiary. The other two shareholders will also be selling their stakes in Sing-Mas to Ascendas. When the sale is completed, Keppel Land said it will book a net profit of about 27.5 mln sgd.