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

Visual from the company website

By Tomas S. Noda III

May 30, 2017

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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