TWO UNITS of Keppel Philippines Properties, Inc. (KEP) have sold their shares to Jetson Realty & Dev. Corp. (JRDC), the listed firm told the stock exchange Monday.
KEP said its wholly-owned subsidiary Buena Homes, Inc. (BHI) divested 29.25 million shares in Buena Homes Sandoval, Inc. (BHSI) to JRDC, while associate Opon-KE Properties, Inc. (OKEP) sold 19.75 million shares.
The separate deeds of sale were signed last Friday, indicating a total of 49 million shares turned over to JRDC for an aggregate purchase price of P44.85 million.
The agreements were made in line with the sale of BHI and OKEP shareholdings in BHSI to JRDC. The sale resulted to JRDC owning 72.77 shares or 99.5% of BHSI, and BHSI ceasing to become an associate of KEP.
BHSI is the investment arm of home developer KEP, which is mainly engaged in the business of acquiring, owning or holding, whether directly or indirectly, shares of stocks, debentures or securities of condominium units.
“BHSI is an associate company of KEP through KEP’s shareholdings in BHI and OKEP. Prior to the sale, BHI owned 29.25 million shares in BHSI. OKEP, meanwhile, owned 19.75 million shares in BHSI,” it said.
The purpose of the transactions was not disclosed by KEP, but it said these would not have any material impact on the net tangible assets or earnings per share of the company for 2019.
KEP reported an attributable net loss of P51.68 million in the first half of the year, up from P46.37 million a year ago, due to negative revenues of P24.71 million. — Denise A. Valdez
