By Gaurav Raghuvanshi
SINGAPORE--Keppel Corp. Ltd. (BN4.SG) said Friday it has sold its entire stake in its unit, Keppel FMO, to a unit of Cofely GDF SUEZ for 44.7 million Singapore dollars (US$34 million) in cash.
The company was sold by Keppel's unit Keppel Infrastructure Holdings Pte. Ltd. to Cofely South East Asia Pte. Ltd., a unit of Cofely GDF SUEZ, a European facilities management and design firm.
The payment includes a deferred consideration of up to S$9.72 million to be paid if certain targets are achieved by Keppel FMO, the parent firm said in a statement to Singapore Exchange where it is listed. Keppel FMO is incorporated in Singapore and provides facilities management services.