SBS Philippines Corp. said on Tuesday it purchased 5.4-hectare prime real estate property along J.P. Rizal Street in Mandaluyong City for investment purposes.
In a disclosure to the stock exchange, the company said the transaction was made through its 37.25-percent owned Cleon Phils. Holdings Corp.
SBS said the 54,598 square meter lot is located in Barangays Vergara and Namayan in Mandaluyong City. The purchase price was not disclosed.
“The purchase is intended for investment and is expected to close within the month,” it said.
“The investment is in furtherance of the diversification and investment strategy of the SBS Group to invest in small ownership stakes in companies investing in real properties to have a more diversified interest in different property holdings at a lower capital requirement and risk exposure to the company,” it added.
SBS Philippines is an importer, wholesaler and distributor of a wide range of chemical products that has recently diversified into property-related businesses.