Kepwealth Inc., which already owns about 89.86 percent of KPHI, rolled out a tender offer on April 28, 2025 at P27.40 per share, a 37 percent premium over its closing price before the deal was first announced last Feb. 21.
Juan Paolo Colet, managing director at China Bank Capital, previously said the tender offer was being made on "generous" terms to stockholders.
The tender offer will run until May 27, with shares expected to be crossed on the exchange by June 6 and settlement completed by June 10.
Going private after 38 years
The former shipyard operator turned property investment firm, is going private after 38 years on the exchange.
Major shareholder Kepwealth is seeking to buy out remaining public investors, valuing the company at about P980 million, after KPH shares surged 255 percent over the past year.
A special stockholders’ meeting held on April 24 approved the delisting, with no shareholder voting against the plan, meeting all regulatory conditions.
Fairness opinion
MIB Capital Corp., an independent adviser, valued KPH shares between P26.64 and P27.10 per share, indicating that the tender offer price of P27.40 is above the valuation range and considered fair based on regulatory standards.
KPH’s assets today are concentrated in real estate, including condo units in Makati, residential land in Batangas, and large industrial properties in Subic leased to Seatrium-linked companies.
The delisting requires Kepwealth to reach at least 95 percent ownership through the tender offer, and if needed, minor market purchases.
