CHEMICAL supplier SBS Philippines Corp. has subscribed to P66 million worth of additional shares in Lakerfield Phils Holdings Corp. (LPHC) to prevent its stake in the firm from diminishing.
CHEMICAL supplier SBS Philippines Corp. has subscribed to P66 million worth of additional shares in Lakerfield Phils Holdings Corp. to prevent its stake in the firm from diminishing.In a disclosure to the Philippine Stock Exchange , SBS said the investment is 'to maintain the 37-percent ownership of the company in LPHC 's outstanding capital stock.'In 2016, SBS entered into co-investment rights with various companies, including LPHC , for the 37-percent stake.
'LPHC is a property holding company that is majority-owned by the Sytengco family, which also has an interest in SBS.Before the transaction, SBS disclosed that the company had a carry value of investment, or investment minus depreciation, in LPHC amounting to P40.21 million.SBS reported a consolidated revenue of P563.4 million for the first half of 2024, a 10-percent increase compared to last year's P511.3 million revenue.
Buys Into LPHC To Maintain 37% Stake
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