BDO Unibank Inc., the country’s largest lender, is buying out its joint venture partners Keppel Philippines Properties, Inc. and Opon-KE Properties, Inc. in SM Keppel Land, Inc. (SMKL)
Keppel Properties and Open-KE together own 50 percent of SM Keppel, the developer, operator and manager of the Podium shopping and office complex.
BDO said it will buy Keppel Group’s stake at a price based on the adjusted net asset value and will be paid in cash. The adjusted NAV will be determined when the deal is closed.
The board of BDO already approved the deal, which will be submitted to the Bangko Sentral ng Pilipinas for final clearance.
Keppel Properties said in a depart disclosure to the stock exchange that the divestment is in line with Keppel’s Vision 2030 asset monetization plan to unlock capital which can be channeled towards new growth opportunities.
In 2021, Keppel Properties reported that the value of SM Keppel’s net asset was PHP5.62 billion while net income was PHP1.16 billion.
