Keppel hits 2026 monetisation target early after Vietnam project sale

Keppel

05/08/2026 11:47

Aug 5 (Reuters) - Singapore's Keppel KPLM.SI said on Wednesday that it has reached its monetisation target for 2026 ahead of schedule by divesting a Vietnam project, taking total assets to S$2.1 billion ($1.64 billion).

Here are the details:
The asset manager entered into a conditional agreement to divest its 40% stake in Empire City in Ho Chi Minh city for S$343 million, which will be completed by the fourth quarter, Keppel said in a statement.
Empire City is a waterfront site in Ho Chi Minh's Thu Thiem New Area, comprising residential and mixed-use developments. 
Keppel will sell a 20% stake in Empire City to a subsidiary of Denver Power and another 20% stake to Golden Axis Company, according to the agreement.
Following deal completion, Empire City will cease to be an associated company of Keppel. 
Keppel has achieved its monetisation target of S$2 billion to S$3 billion ahead of schedule for 2026, it said.
Last week, it reported a 25% rise in half-year net profit, excluding its non-core portfolio held for divestment, to S$530 million.
($1 = 1.2821 Singapore dollars)

 (Reporting by Keshav Singh Chundawat in Bengaluru; Editing by Sonia Cheema)
 ((Keshav.singhchundawat@thomsonreuters.com))