Keppel divests 86.8% stake in Keppel Philippines Properties for PHP 472.7m (S$10.5m) in cash
Summary:
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Keppel, its subsidiaries and Kepwealth are selling their combined 86.83% stake in Keppel Philippines Properties (KEP) to Forward Synergy Group for about PHP 472.7m (approximately S$10.5m) in cash.
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Keppel will receive around PHP 471.0m (about S$10.4m) based on its 98% economic interest in the sale shares, with consideration agreed on a willing-buyer willing-seller basis referencing independent valuation and KEP’s NAV.
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The sale price compares with a NAV of PHP 428.6m (S$9.5m) and a market value of PHP 668.4m (S$14.8m) for the sale shares as at 11 February 2026, implying a discount to market but a premium to book.
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Completion is conditional on, among other things, the buyer conducting a mandatory tender offer under Philippine securities rules, with the consideration to be paid in three tranches.
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On completion, KEP will cease to be a Keppel subsidiary, and the deal is not expected to have any material impact on Keppel’s current-year EPS or net tangible assets per share.