Security Bank sells property unit
SECURITY Bank has sold its 51.81 percent stake in property unit Security Land Corp., a joint venture with a Singaporean firm, in order to focus on its core banking businesses.
The bank told the Philippine Stock Exchange on Wednesday that the majority stake in this property unit had been sold for P1.6 billion, which was based on net present value of equity in the property firm. The shares were sold to Keyland Corp., Adelantado Corp. and Blue Sphere Properties Inc.
“The decision to sell our stake in Security Land Corp. was made for us to have a better focus on the three pillars of our business: wholesale banking, financial markets and retail banking,” said Security Bank president Alfonso Salcedo Jr.
Security Land was incorporated in 1995 to engage in the acquisition and holding for investment of real estate.
