FIRST Philippine Holdings Corp. (FPH) said on Friday its board approved the sale of its 90.74-percent stake in listed property developer Rockwell Land Corp. to Crème Investment Corp. for P15.92 billion.
The deal covers about 5.3 billion common shares at P3 each, valued at P15.89 billion, and 2.75 billion preferred shares at P0.01 each, valued at P27.5 million. FPH based the transaction value on an independent valuation by BDO Capital & Investment Corp.
Crème is a holding company representing the descendants of Eugenio “Geny” Lopez Jr. The sale remains subject to the signing of agreements and other conditions, including approval from the Philippine Competition Commission.
Crème must also make a tender offer to Rockwell Land’s other shareholders under the Securities Regulation Code.
Separately, FPH’s board approved the election of Social Security System President and CEO Victor Alfonso Limlingan Jr. as a director. He fills the vacancy left by Diana Pardo-Aguilar, who resigned on Oct. 6.
FPH appointed Rachel Hernandez as corporate secretary, succeeding Enrique Quiason, who resigned for personal reasons. The company also named Lorraine Dychiao assistant corporate secretary and Nurjehan Maria Dayrit compliance officer.
