SBS Philippines Corp. has approved the sale of a nearly five-hectare property in Gapan City, Nueva Ecija for P24.98 million.
In a disclosure on Friday, SBS said that its board of directors had approved the sale of a 49,996-square-meter lot to a prospective third-party buyer for a consideration of P24,983,000.
SBS described the property as a non-core asset that has been held for investment and capital appreciation.
The transaction remains subject to conditions, particularly the issuance of a land use conversion clearance by the Department of Agrarian Reform.
The company said the signing of the contract to sell would be done this month.
The company did not identify the buyer nor disclose the expected financial impact of said transaction.
Once completed, the sale is expected to allow SBS to monetize an asset outside its core operations, while generating additional funds from its investment portfolio.
SBS Philippines shares rose by a centavo or 0.32 percent, to close at P3.18 each.
