KS Investments Pte Ltd, parent company of shipyard operator Keppel Philippine Marine, Inc (KPMI), acquired a total of 36.84 million shares or 1.83% in KPMI for P3 each during the tender offer period that ended last September 9.
“The tendered shares amount to about P110.51 million, excluding taxes, commissions and regulatory fees,” the company said.
The Philippine Stock Exchange’s minimum public requirement of 10% for listed companies pushed thinly traded KMPI to delist its shares, an exercise expected to be completed by next month.
KPMI was the country’s biggest shipyard operator until about three years ago when Korea’s Hanjin Heavy Industries opened its doors for business in Subic Bay.
KPMI operates yards in Subic Bay and Batangas. Its Cebu shipyard was shut down and later sold to SMC Shipping and Lighterage Corp.
From January to June, KPMI posted a net profit of P598.35 million from P353.43 million year-on-year. Shiprepair and conversion activities contributed 90% to revenues, and shipbuilding and fabrication the rest.
Photo by Katrina Tuliao