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Keppel Land China offers to sell stake in Beijing commercial site for US$298M

Keppel Land China Ltd.'s Aether Pte. Ltd. subsidiary provided CBD Aether Center Ltd. with an option to buy a 51% stake in Aether Ltd., the indirect owner of the company that holds and develops a prime commercial site in Beijing's Chaoyang district.

CBD Aether was given 120 days to exercise the option, which will see it pay a total consideration of about US$297.9 million for the purchase of up to 16,702,500 shares in Aether Ltd.

The seller's indirect owner, Singaporean conglomerate Keppel Corp. Ltd., is expecting an approximately S$114 million gain after the divestment's completion. In a news release, it added that it will receive an estimated US$94.1 million regardless whether the purchase option is not exercised.

If the transaction proceeds and completes, Keppel Land will cease to have any interest in Aether Ltd. and in the site's owner, Beijing Aether Property Development Ltd., the conglomerate noted.

As of May 25, US$1 was equivalent to S$1.34.