MANILA — BDO Unibank said on Monday it would take full ownership of the Podium Complex in Mandaluyong after its board approved the acquisition of shares of its partners in the SM Keppel Land Inc (SMKL) joint venture.
This is in line with Keppel Philippines Properties Inc and Opon-KE Properties Inc's decision to divest its investments in SMKL, which is responsible for developing, operating and managing the Podium Complex in Ortigas Center, BDO told the stock exchange.
BDO said it would acquire 217,910,000 common shares and 36,401,500 redeemable preferred shares of SMKL.
"BDO Unibank Inc, as Keppel's joint venture partner, has agreed to buy out Keppel's 50 percent direct equity ownership in SMKL," the Sy-led group said.
"By this acquisition, BDO will consolidate its ownership of the Podium Complex, presently 50 percent owned by SMKL," it added.
BDO said the complex consists of the BDO Corporate Center Ortigas, the West Tower and the Podium Mall.
Completion of the transaction is subject to approval by the Bangko Sentral ng Pilipinas and the Philippine Competition Commission.
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