ABOITIZ Equity Ventures Inc. (AEV) on Wednesday said that it had fully exited from Singapore Life (Philippines) Inc. after selling its stake to Singapore Life Holdings Pte. Ltd. for P127.2 million.
In a disclosure, Aboitiz Equity said a deed of assignment was executed on March 10 for the disposition of 2.4 million shares at P53 apiece.
“The transaction aligns with AEV’s strategic portfolio optimization initiatives and allows the company to redeploy capital toward core businesses and higher-priority growth opportunities,” the company said.
Aboitiz said the divestment was by way of a direct sale of shares for cash, with payment to be made in a one-time lump sum upon closing, subject to customary closing conditions.
The transaction was approved by the company’s board of directors on Feb. 25.
SingLife Philippines is a digital life insurance firm that offers life, health and protection products through its mobile application platform.
Aboitiz Equity shares on Wednesday rose P0.05 or 0.16 percent, to close at P30.85 each.