LISTED chemical distributor firm SBS Philippines Corp., through its subsidiary SBS Holdings and Enterprises Corp., said on Tuesday that it has acquired a 17 percent equity stake in Goldchester Holdings Corp. for P480.1 million.
The stake represents 150,000 common shares of Goldchester Holdings, which owns a 3.1-hectare prime real estate property situated along Balintawak, Quezon City close to the LRT transit convergence point, Skyway extension and the Cloverleaf Balintawak projects.
“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,” SBS Philippines Corp. President Gerry Tan said in a disclosure to the Philippine Stock Exchange (PSE).
“The investment is an excellent addition to the SBS group property investment portfolio as it presents a rare opportunity to acquire a stake in high quality real estate investment in Quezon City’s western area with an attractive potential return of investment for the company in the medium term,” the company said.
SBS Philippines is an importer, wholesaler and distributor of a wide range of chemical products serving a diverse set of industries which includes food and beverage, industrial and detergents, feeds and agriculture, water treatment, pharmaceuticals and personal care, building and constructions and mining and minerals.