FIRST Philippine Holdings Corp. (FPH) is selling its entire stake in health care unit Pi Health Inc. as part of efforts to focus on core businesses.
In a disclosure on Friday, the holding firm said that its board had authorized the disposal of 100 percent of Pi Health through a share purchase or similar arrangement.
The sale covers approximately 40,000 common shares and 158,486 preferred shares of Pi Health, subject to possible restructuring before the execution of definitive agreements.
FPH said the shares would be sold to Pi Holdings Corp. for around P2 million in cash, with the price representing a discount to the subsidiary’s book value.
The company said the divestment was aligned with its strategy to “further sharpen its focus on its core, strategic businesses.”
Completion of the transaction remains subject to the execution of definitive agreements and other conditions that may be agreed upon.
First Philippine Holdings shares last traded at P78.40 each on March 5.