SMC subsidiary buys majority of Keppel Cebu Shipyard Land

A subsidiary of diversifying conglomerate San Miguel Corp. has acquired a majority stake in Keppel Cebu Shipyard Land Inc., which owns parcels of land and improvements in Cebu. In a statement to the Philippine Stock Exchange, Keppel Philippines Holdings said it approved the sale of 72 percent of KCSLI by Goodsoil Marine Realty Inc. (GMRI). Keppel Philippines owns 51 percent of GMRI. Keppel Philippine said the sale was approved as the company no longer have shipyard operations on the KCSLI-owned land. Keppel Philippines said the buyer was SMC Shipping and Lighterage Corp., a 70-percent subsidiary of san Miguel Corp., which engages in cargo handling, warehousing and shipping service provider to the San Miguel Group. Of the P596.2-million transaction, Keppel Philippines will get P304.1 million. -- CMA/OMG, GMA News