BDO Unibank, Inc. completed the acquisition of remaining 50% stake in SM Keppel Land, Inc. from Keppel Philippines Properties, Inc. and Opon-KE Properties, Inc.
December 21, 2023
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BDO Unibank, Inc. (PSE:BDO) agreed to acquire remaining 50% stake in SM Keppel Land, Inc. from Keppel Philippines Properties, Inc. (PSE:KEP) and Opon-KE Properties, Inc. for approximately SGD 200 million on March 25, 2023. BDO Unibank, Inc. will acquire approximately 250 million shares of SM Keppel Land, Inc. The deal value is subject to completion adjustments. Following completion, SM Keppel Land will cease to be an associated company of Keppel Corporation. The completion of the divestment is subject to the satisfaction of conditions precedent (including but not limited to the obtaining of the requisite regulatory approvals and shareholders? approval of Keppel Philippines Properties and Opon-KE Properties). BDO said its board approved the acquisition of Keppel Philippines Properties Inc.'s and Opon-KE Properties Inc.'s combined 50 percent stake in joint venue company. As of March 28, 2023, The Annual Stockholders? meeting of Keppel Philippines Properties will be held on May 8, 2023. As of March 25, 2023 board approved the deal. As of May 8, 2023, target stockholders approved the sale of all KEP shares held in SM Keppel Land, Inc. in its annual meeting. The transaction is expected to take place by the first half of 2023.
BDO Unibank, Inc. (PSE:BDO) completed the acquisition of remaining 50% stake in SM Keppel Land, Inc. from Keppel Philippines Properties, Inc. (PSE:KEP) and Opon-KE Properties, Inc on December 22, 2023
Keppel Philippines Properties, Inc. is a Philippines-based company, which holds investments in associates and joint venture involved in property development and holding of investment properties and renders management consultancy services to its joint venture. The Company, through its associates, is engaged in the acquisition and development of land sites for residential, office and commercial uses. Its associateâs investments in real estate properties, such as ADB Avenue, Ortigas Center, and Mandaluyong City. The Companyâs commercial property, The Podium Complex is a mixed-use development and lifestyle destination, comprising of retail and office spaces, which is located in the central business district of Ortigas. The Companyâs subsidiaries, associates and joint venture include CSRI Investment Corporation (CSRI), Buena Homes, Inc. (BHI), Opon Realty and Development Corporation (ORDC), Opon Ventures, Inc. (OVI), Opon-KE Properties, Inc. (OKEP), and SM Keppel Land, Inc. (SMKL).
BDO Unibank, Inc. completed the acquisition of remaining 50% stake in SM Keppel Land, Inc. from Keppel Philippines Properties, Inc. and Opon-KE Properties, Inc.
KEPPEL PHILIPPINES PROPERTIES, INC. 
