This represents Ibeworth Pte Ltd's entire 7.64% stake in Nam Long Investment Corporation (NLG), making it the second-largest shareholder after Nam Long's chairman Nguyen Xuan Quang (9.47%).

In a recent announcement to the Ho Chi Minh City Stock Exchange, Ibeworth Pte Ltd stated it will divest through put-through transactions between 24/7 and 22/8. Based on the closing price at the beginning of the week, the deal is worth over 1,170 billion VND.

Late last year, Ibeworth Pte Ltd also registered to sell two million NLG shares, citing portfolio restructuring.

NLG closed down 1.7% at 40,000 VND at the beginning of the week. The stock is up 11% since the start of the year and has increased by 50% from its April low.

Keppel Land became a strategic shareholder of Nam Long in 2015 through a private placement of 7.1 million shares. Mr. Joseph Low Kar Yew, chairman of Keppel Land Vietnam, represents Ibeworth Pte Ltd at Nam Long and is a member of Nam Long's board of directors.

Keppel has announced several other divestments in Vietnam this year. They sold a 22.6% stake in Saigon Centre phase 3 – an office, commercial, and hotel complex in downtown Ho Chi Minh City – for 98 million SGD (1,930 billion VND). In early April, they announced the divestment of 42% of their capital in Nam Rach Chiec City LLC (SRC), the developer of the Palm City project, to Gateway Thu Thiem Joint Stock Company.

Phuong Dong