SBS PHILIPPINES Corp. has formed a new unit that will handle its planned investment in a warehouse facility, as part of the company’s efforts to ramp up its property portfolio.
In a disclosure to the stock exchange on Tuesday, SBS said it has secured the Securities and Exchange Commission’s approval for the incorporation of Lence Holdings Corp.
Lence Holdings has an authorized capital stock of P137 million, and a subscribed capital of P57 million. Majority of the unit will be owned by SBS at 65%. A total of 25% will be held by SHEC, while the remaining 10% will be held by the Sytengco family.
SBS will be using the company to acquire a warehouse complex, located in the south of Metro Manila, which is set to be a part of SBS Holdings and Enterprises Corp. (SHEC)’s operations.
“The potential acquisition, if it materializes, will allow the Company not only to indirectly own a major logistics facility that would strengthen its distribution capability and help control residual risks in not owning major logistics facilities but it is also a good investment opportunity,” SBS said.
The company, however, clarified that it has yet to enter into a definitive agreement for the acquisition.
SBS is currently increasing its investments in the property sector through SHEC, which has so far acquired a stake in firms with properties in Mandaluyong City, Quezon City, Cavite, and Bacolod City.
Shares in SBS added a centavo or 0.18% to P5.71 each at the Philippine Stock Exchange on Tuesday. — Arra B. Francia
