SBS Philippines Corp. said on Monday it is selling its prime property located in Bonifacio Global City for nearly half a billion pesos to raise funds for working capital purposes and to pursue new investments.
The announcement comes just a week after the company also sold a piece of property in Las Piñas City to mass housing 8990 Holdings for P859 million.
In a disclosure to the Philippine Stock Exchange (PSE), the chemical trading company said that its board of directors has approved the sale of its 1,083-square-meter property at the BGC compound in Taguig City at a selling price of P410,000 per square meter or for a total of about P444 million.
“The property, which comprises a total lot area of 1,083 square meters, is a non-core asset of the Company acquired in 2004 and is held for investment and capital growth,” SBS said.
The offer to sell will close on May 10. SBS said the sale should be paid in cash, payable upon the signing of the Deed of Absolute Sale.
The company, however, did not specify whether it has already found a buyer for the property.
“The directors consider it an appropriate time to divest and sell the property to unlock its best maximum value after evaluating various options and property market conditions in the locality,” the company said.
Being a non-core asset, the sale of the property would be in the best interest of the company as well as its stockholders, the company said.
“None of the directors or the controlling shareholders of the Company have any interest, direct or indirect, in the sale other than by being such a director or controlling shareholder of the company,” it said.
Last week, SBS sold its 3.4-hectare property along Zapote Road in Barangay Pamplona, Las Piñas City to 8990 Holdings for P859 million.