Keppel Philippines Properties, Inc. (KPPI) announced on Friday its majority shareholders signed an agreement to sell their combined 86.83-percent stake in the company to Forward Synergy Group Inc. for about P472.7 million.
The listed property developer told the local bourse that Keppel Ltd., Keppel Management Ltd., Molten Pte. Ltd. and Kepwealth Inc. signed a share purchase agreement covering all their holdings in the firm.
The deal values the shares at P1.8526 each, representing a 29.3-percent discount to the stock’s last trading price of P2.62 on Feb. 9.
The transaction is subject to several conditions, including a mandatory tender offer by the buyer as required under the Securities Regulation Code and its 2015 implementing rules. KPPI requested a trading suspension on its shares following the disclosure to allow investors time to digest the information.
KPPI operates in the Philippine property sector through various associates and joint ventures. While the company completed notable projects such as the Palmdale Heights residential development in Pasig City and the Podium Complex in the Ortigas Central Business District, it has since divested its interests in those properties.
The move follows a similar exit by affiliated entities last year, when Keppel Philippines Holdings, Inc. was delisted from the local exchange after selling its majority shares to Kepwealth Property Phils. Inc.
