THE BOARD of Keppel Philippines Holdings, Inc. has approved the sale of land owned by its subsidiary in Bauan, Batangas amounting to P1.5 billion, the listed company announced on Tuesday.

The board authorized the sale of a 24.9-hectare land owned by its unit, Goodsoil Marine Realty, Inc., to LS Shipping Management Corp., Keppel Philippines said in a stock exchange disclosure.

The land is located in Barangays San Miguel and San Roque. Keppel Philippines has a 51% stake in Goodsoil Marine Realty.

“The sale will improve the financial conditions of the issuer (Keppel Philippines) and Goodsoil Marine Realty,” Keppel Philippines said.

“The sale comes after a strategic review of investments and the opportunity to sell the land at valuation,” it added.

Keppel Philippines has business interests in investment holdings and real estate, while Goodsoil Marine Realty is engaged in the construction and repair of all types and classes of vessels together with the related services and operations of a shipyard.

On Tuesday, Keppel Philippines “A” shares fell by 29.73% or P2.20 to P5.20 apiece while Keppel Philippines “B” shares were last traded on March 7 at P7.46 per share. — Revin Mikhael D. Ochave