Philippines: SBS unit buys stake in Goldchester Holdings for $9.6m

Visual from the company website

A unit of SBS Philippines Corp has acquired a 17 per cent equity stake in realty firm Goldchester Holdings Corp for $9.6 million.

SBS disclosed its subsidiary SBS Holdings and Enterprises Corp (SHEC) has acquired 150,000 common shares of Goldchester priced at P3,205.33 per share, or a total of P480.8 million.

An addition to the SBS Group property investment portfolio, the company said the acquisition presents a rare opportunity to acquire a stake in high quality real estate investment in the western area of Quezon City with an attractive potential return of investment in the medium term.

Goldchester Holdings owns a 3.1-hectare prime real estate property situated along Balintawak in Quezon City, close to the LRT transit convergence point, and Skyway extension and the Cloverleaf Balintawak projects.

SBS is a listed chemical traders and distributor firm diversifying into property and investment business.

“The acquisition is in furtherance of the diversification and investment strategy of the SBS Group to acquire strategically selected property related investments that will deliver income and capital growth and speaks of our commitment to keep growing and creating value for our stakeholders,” said SBS president Gerry Tan.

The total purchase price of $9.6 million was arrived at based on a “willing-buyer-willing-seller” basis and following negotiations between SHEC and Goldchester.

SBS last traded at P5.75 per share on Monday (May 29).

Also Read: 

SBS Philippines okays $4m share buyback, $50m debt deal

Chemical trading firm SBS Philippines diversifies into property, investments

SBS Philippines buys stake in four property holding firms

SBS Philippines divests 35% stake in real estate firm Neschester for $1.2m

SBS Philippines raises $22m from IPO, shares soar nearly 50% on debut

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.