KEPPEL Philippines Properties, Inc. said BDO Unibank, Inc. completed the acquisition of all its shares in SM Keppel Land, Inc.
The company said on Wednesday that all of its own and Opon-KE Properties, Inc.’s (OKEP) redeemable preferred shares and common shares, respectively comprising 40% and 10% of in SM Keppel Land, had been acquired by BDO as of Dec. 22.
BDO paid about P6.54 billion to Keppel and about P1.63 billion to Opon-KE Properties for the divestment of their shares, it added.
“This follows the announcement last March 27, 2023 of the Keppel Group’s decision to divest its stake in SM Keppel and BDO’s agreement, as the Keppel Group’s joint venture partner, to buy out the Keppel Group’s 50% direct equity ownership,” BDO said in a separate stock exchange disclosure on Wednesday.
With the completed acquisition, BDO will now fully own Podium Complex, which consists of BDO’s Corporate Center Ortigas, the West Tower, and Podium Mall.
The sale of shares will increase Keppel Properties’ net asset value by P10.90 per share, the company said, as its current net asset value stood at P9.97 per share as of September.
SM Keppel is a company engaged in developing, operating, and managing the Podium Complex. — Ashley Erika O. Jose