KEPPEL Philippines Properties, Inc. (KPPI) said one of its wholly owned subsidiaries has bought back about half of its redeemable preferred shares for P100 million.
In a disclosure to the stock exchange on Monday, the listed real estate firm said Buena Homes, Inc. (BHI) has purchased 10 million out of 20.6 million redeemable preferred shares at P10 each on Sept. 6.
The redeemable preferred shares came from the conversion of KPPI’s advances to BHI to such securities back in August 2013. This amounted to a total of P206 million, which may be bought back in full or in part within a period of 10 years until Aug. 28, 2023.
With this, the preferred shares will be retired and no longer issuable. KPPI will still own the remaining 10.6 million redeemable preferred shares.
“As such, the redemption of the preferred shares will not dilute the shareholdings of KPPI in BHI. Consequently, BHI remains a wholly owned subsidiary of KPPI,” the company said.
KPPI has authorized its director Oh Lock Soon to be the representative and signatory for the redemption of the preferred shares.
The company on Monday also announced the resignation of its assistant corporate secretary, Myla Gloria A. Amboy. She will be replaced by Stephanie Maree N. Dysangco, who also serves as the assistant corporate secretary of another listed firm, Mabuhay Vinyl Corp.
KPPI widened its net loss attributable to the parent to P51.68 million in the first six months of 2019, from P46.37 million in the same period a year ago. This came amid negative revenues of P24.71 million.
Shares in the company were unchanged at P4 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia