Kepwealth to buy 10.14% of Keppel equity at P27.40/share
KEPWEALTH Inc., the majority shareholder of Keppel Philippine Holdings Inc., has offered to buy 10.14 percent of Keppel’s publicly-owned shares as part of the company’s voluntary delisting application.
The tender offer began at 9:30 am on April 28, 2025, and will end at 3:00 pm on May 27, 2025 (the “Tender Offer Period”).
The tender offer covers 5.8 million shares at P27.40 per share or P158.92 million for all the publicly held shares of Keppel, the company said in a regulatory filing with the Philippine Stock Exchange on Monday.
In its letter of intent, Kepwealth said P27.40 per share is the highest valuation of KPH shares based on the fairness opinion and valuation report by independent valuation provider MIB Capital Corporation on Feb. 13, 2025.
KPH closed at P26.15 per share on Monday.
The tender offer runs from April 28 to May 27, with June 10 as the settlement date ahead of Keppel’s delisting from the exchange on June 24, 2025.
Keppel was incorporated in July 1975, as Keppel Philippines Shipyard Inc., a subsidiary of Singapore-based Keppel Corporation Ltd. Its business was to repair and build ships in the Philippines.
It was listed on the Makati and Manila Stock Exchanges in 1987.
In 1993, it was repurposed as an investment holding company under its current name.
Keppel owns 100 percent of KPSI Property Inc., which leases out office spaces in the business and financial district of Makati City. It also owns 51 percent of Goodwealth Realty Development Corp., which owns and leases parcels of land in Batangas City.
Keppel also owns 13 percent of Consort Land Inc., which is registered with the Philippine Economic Zone Authority as an ecozone developer and operator of the Subic Shipyard-Special Economic Zone and power distributor to other businesses in the economic zone.
