His corporate vehicle, Forward Synergy Group Inc. (FSGI), was incorporated only in October last year and is beneficially owned by members of the Gaisano family, including Frank, Mary Irish Dy Gaisano, Kyle Gabriel Dy Gaisano, and other heirs.
No delisting for KEP
Forward Synergy also made it clear it has no plans to delist KEP, change dividend policy, alter capitalization, or sell material assets once control is secured.
“FSGI targets and prioritizes investments in companies with strong fundamentals, clear growth catalysts, and attractive entry valuations,” the Keppel Philippines Properties tender offer report showed.
“These investments are intended to span across both public and private markets, leveraging opportunities in listed equities, minority stakes, or strategic control positions, with a view to establishing a diversified portfolio,” it added.
Shell firm ready for a makeover
KEP has largely become a shell company after divesting key assets, including its stake in The Podium complex to BDO Unibank, leaving limited operating businesses ahead of the takeover.
Frank Gaisano is the former chair and CEO of Metro Retail Stores Group, one of the country’s biggest retail chains. He retains key positions in other family-controlled firms such as Vicsal Investment and AB Capital Group.
Tender offer timeline
The acquisition of 86.83 percent of KEP from Keppel entities triggers a mandatory tender offer for the remaining 13.17 percent, equivalent to 38.7 million shares.
The tender offer price is set at P1.8526 per share, the same price paid in the block transaction. The offer period runs from March 3 to March 31, with crossing scheduled for April 10 and settlement targeted on April 14.
—Edited by Miguel R. Camus
