REPUBLIC Glass Holdings Corp. has increased its stake in Science Park of the Philippines, Inc. (SPPI) to 12.88% after it acquired around 3.8 million shares in the industrial estate developer.
“The acquisition is expected to expand the profitability of the Company,” the listed company firm said on Tuesday.
It placed the purchase price at around P23.4 million, which was arrived on a negotiated basis. The transaction, forged on June 7, is between the company and two individual shareholders.
“The consideration for the acquisition was funded entirely from internally generated funds. The percentage of equity associated with shares purchased today are the equivalent to 0.61% of SPPI,” it said.
Republic Glass currently holds about 12.27% in equity holdings of SPPI. After the additional purchase, its holdings will increase to approximately 12.88%.
Established in 1989, SPPI has gained through the years “the reputation of being a cutting-edge developer of industrial estates through its Light Industry & Science Park projects,” Republic Glass said.
It described SPPI as one of the pioneers and leaders in private industrial estate development in the country. It said the developer “has the largest hectarage of industrial estates developed and being developed with almost 800 hectares of aggregate area.”
