THE Securities and Exchange Commission (SEC) has approved SBS Philippines Corp.’s plan to incorporate a new company that would undertake the acquisition of a warehouse facility complex.
In a disclosure, SBS said it received on Monday the SEC approval to incorporate Lence Holdings Corp.
“The new subsidiary is intended to serve as the acquisition vehicle for a potential investment in a warehouse facility complex which is contemplated to be partly used or operated by the Company and the other portions managed by its subsidiary, SHEC [SBS Holdings and Enterprise Corp.],” it said.
“The Company is currently in discussion with an Independent Third Party, in relation to the potential acquisition of a warehouse facility complex south of Metro Manila,” it added.
Aside from being a good investment opportunity, the acquisition will allow SBS Group to indirectly own a major logistics facility that would strengthen its distribution capability, the company said.
Lence will be 65 percent owned by SBS Philippines, 25 percent by SHEC, and 10 percent by the Sytengco family.
Lence will have an authorized capital stock of P137 million and subscribed capital of P57 million.
“As at the date of this announcement, Lence Holdings Corporation has not entered into any definitive agreement in relation to the potential acquisition. The Company will make further announcement as and when necessary in compliance with the Listing Rules and applicable law,” SBS said.
SBS is an importer, wholesaler and distributor of a wide range of chemical products and has recently diversified into property-related businesses.