Keppel unit sells stake in PH mall to BDO for $195.0m

BDO already holds a 50% stake in the mall.

Keppel Corporation subsidiary, Keppel Philippines Properties, together with Opon-KE Properties, will be divesting 50% of the issued capital stock of SM Keppel Land to BDO Unibank.

SM Keppel Land holds The Podium West Tower and The Podium Mall in the Philippines.

BDO will pay $195.m to Keppel Philippines and Opon-KE Properties for the sale of shares. 

“Consideration will be payable in cash in full on completion of the divestment,” Keppel Corporation said in a bourse filing.

Following the divestment, BDO will fully own the properties. BDO already holds 50% of the issued capital stock of SMKL.

The completion of the divestment is expected to take place by the first half of 2023. 

Following completion, SMKL will cease to be an associated company of Keppel Corporation.