Part of Singapore’s state-backed Keppel Group, KPH disclosed an offer by major shareholder Kepwealth Inc. to buy out minority stockholders at P27.40 per share.
This is a 37-percent premium over its last closing price, valuing the entire enterprise at about P980 million. Its shares were last traded at P19.98 apiece.
Other key details
So far, a letter of intent has been filed, and investors must wait for the formal tender offer filing. KPH shares were suspended on Friday and will remain so until February 24 to allow investors time to digest the announcement.
KPH has a public float of around 17 percent, meaning the offer includes the purchase of up to 6.13 million shares held by Filipino shareholders worth P167.8 million.
The company also emphasized it would be a buyer at this price for stockholders who do not wish to wait for the tender offer.
“Kepwealth also indicated in the Letter of Intent that it intends to acquire, prior to the launch of the tender offer, shares from willing sellers in the open market at the same price as the tender offer price,” the filing showed.
What is KPH?
Since exiting shipbuilding and repairs in 1993, the company has focused on property investments. Over the past few years, it kept just six employees on its payroll. Revenues in 2023 reached P32.45 million, while profit amounted to P17.8 million.
Land assets
KPH owns two condominium units at Fedman Suite in Makati City, while wholly-owned subsidiary KPSI Property Inc. owns two units and five parking slots at Country Space I Building, also in Makati.
Its 51-percent owned subsidiary Goodwealth Realty Development Corp. owns 1,500 square meters of residential land in Batangas. Meanwhile, Goodsoil Marine Realty Inc., where KPH indirectly owns 51 percent, controls 249,584 square meters in Batangas, which is leased to Seatrium Philippines Marine, Inc.
Finally, KPH owns 13 percent of Consort Land, Inc., which owns and leases 840,043 square meters in Subic to Seatrium Subic Shipyard Inc.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
