Property sale raises P1.5B for Keppel PH

KEPPEL Philippines Holdings Inc. (KPH) said Tuesday it had successfully raised P1.5 billion from the sale of the Batangas property of majorityowned subsidiary Goodsoil Marine Realty Inc. to a non-related party.

In a disclosure, Keppel Philippines said its board, in a meeting last week, greenlit the sale of 24.9 hectares of land in San Miguel and San Roque villages in Bauan, Batangas, to LS Shipping Management Corp.

“The sale comes after a strategic review of investments and the opportunity to sell the land at valuation,” the company said, adding that the property was paid in full via manager’s check on March 7.

KPH said the deal was negotiated based on the property’s current condition and completed with the signing of the asset sale purchase agreement and deed of sale between the parties.

The transaction is expected to improve the financial conditions of the parent firm and Goodsoil Marine, the listed firm added.

Keppel Philippines saw its net income in the first nine months of 2023 nearly double to P16.1 million from P8.1 billion a year earlier, while its total revenues expanded to P36.1 million from P30.5 million.

As of end-September, total assets stood at P1.3 billion, while total liabilities amounted to P6.5 million.

The company’s two core businesses include investment holdings and real estate. Its other subsidiaries include KPSI Property Inc. and Goodwealth Realty Development Corp., Securities and Exchange Commission data showed.

KPH shares declined by P2.20 to close at P5.20 each on Tuesday.