Aboitiz Equity Ventures Inc. (AEV) has completed the sale of its stake in digital life insurer Singapore Life (Philippines) Inc. as part of efforts to streamline its investment portfolio, the conglomerate said in a disclosure.
AEV executed a deed of assignment on March 10 with Singapore Life Holdings Pte. Ltd. for the sale of all its shares in SingLife Philippines. The transaction involved the disposition of 2.4 million shares, equivalent to a 5.33 percent stake in the digital insurer.
The shares were sold at P53 each for a total of P127.2 million. The amount is payable in cash through a one-time lump sum payment at closing.
“The completion of the transaction marks the complete divestment of AEV from SingLife Philippines,” the conglomerate said.
AEV said the move aligns with its strategic portfolio optimization initiatives and will allow the company to redeploy capital toward its core businesses and higher-priority growth opportunities.
The sale was approved by the AEV board of directors on Feb. 25 and remains subject to customary closing conditions, including the issuance of a certificate authorizing registration from the Bureau of Internal Revenue.
