Keppel Philippines Properties said Friday its wholly owned subsidiary Buena Homes Inc. (BHI) and associated company Opon-KE Properties (OKEP) have entered into deals to sell their stakes in Buena Homes (Sandoval), or BHSI, to Jetson Realty & Dev. Corp. (JRDC).
Under the deal BHI sold 29.25 million shares of BHSI and OKEP sold 19.75 million shares to JRDC for 44.85 million Philippine pesos (S$1.20 million), Keppel Philippines Properties said in a statement Keppel filed to SGX.
The deal gives JRDC a total of 99.5 percent of BHSI, which has ceased to be an associated company of Keppel Philippines Properties, the statement said.
Philippines-listed Keppel Philippines Properties is majority owned by Keppel Land, a wholly owned subsidiary of Keppel Corp.
Keppel Land owned 50.49 percent of Keppel Philippines Properties as of end-December 2018, while Kepwealth had 17.37 percent and Keppel Corp. had 12.18 percent, according to the Philippines-based company’s website.