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).