Philippines: Security Bank divests controlling stake in realty firm Security Land for $34m

Security Bank Corp is selling its controlling stake in real estate firm Security Land Corp (SLC) for $34 million (P1.6 billion) as it seeks to focus on its core business.

The bank said, it will dispose off its 51.81 per cent stake in SLC, composed of over 10.1 million shares priced at P158.32572 apiece.

The shares are being sold to Keyland Corp, Adelantado Corp, and Blue Sphere Properties Inc.

SLC is a joint venture of Security Bank and a local partner, and also Singapore-listed firm Chuan Hup Holdings Ltd. It was incorporated in 1995 to engage in the acquisition and holding for investment of real estate.

Security Bank president and chief executive officer Alfonso Salcedo said, they expect to close the transaction before the year ends.

“The decision to sell our stake in Security Land Corporation was made for us to have a better focus on the three pillars of our business — wholesale banking, financial markets, and retail banking,” Salcedo said.

Security Bank currently has 260 branches and 543 ATMs in the Philippines.

The bank earned P6.1 billion in net income in the first nine months of 2015, translating to a 16 per cent return on shareholders’ equity. It posted sustained growth in core business, with loan portfolio increasing by 20 per cent year-on-year to P217 billion and deposits growing by 19 per cent to P275 billion.

Security Bank’s last trading price increased 1.22 per cent or P1.60 to close at P133.

Also read:

PH’s Metrobank partners with Japan’s Bank of Yokohama

PH Dealbook: Security Bank, ADB

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.

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.