SBS Philippines Corp. expects to gain over P500 million after associate Cleon Philippines Holdings Corporation (CPHC) sold an investment property.
Listed company SBS Philippines Corp., which owns 37.25% of CPCH, said in a disclosure on Friday that it expects a one-time gain for financial year 2020 after disposal of the property.
SBS is a chemical trader and distributor, offering chemical products to the food, industrial, pharmaceutical, and personal care industries.
SBS in efforts to improve its distribution capabilities in 2018 took over a warehouse facility then owned by Coca-Cola Corp. for P520 million, through its subsidiary Lence Holdings Corporation.
Lence Holdings is 65% owned by SBS, while SBS Holdings and Enterprises Corp. holds 25% and the Sytengco family controls the remaining 10%.
Cleon Phils. in 2017 acquired a Mandaluyong property for investment purposes.
Shares in SBS went up 35 centavos or 5.65% to P6.55 each on Friday. — Jenina P. Ibanez