BDO to acquire Podium Mall from SG-based Keppel

MANILA, Philippines — BDO Unibank, Inc. is acquiring full ownership of the Podium Mall and its corporate center in Ortigas after buying out Singapore-based Keppel Corp.’s ownership stake.

In a disclosure sent to the Philippine Stock Exchange on Monday, the Sy-led bank said that the decision came after its meeting on March 25. 

The buyout consisted of the entire equity stake of Keppel Philippines Properties, Inc. and Opon-KE Properties, Inc. in SM Keppel Land, Inc.

Keppel Philippines is a property development company owned by a subsidiary of Singapore-based conglomerate Keppel Corp. 

The deal covered 217.9 million common shares and 36.4 million redeemable preferred shares equivalent to 50% of SMKL’s capital stock. 

The share purchase agreement was signed on the same day. 

“By this acquisition, BDO will consolidate its ownership of the Podium Complex, presently 50% owned by SMKL, consisting of BDO’s Corporate Center Ortigas, the West Tower and the Podium Mall,” the disclosure read.

As it is, the Podium complex currently hosts the bank’s offices in Ortigas. The Sy-led bank said they were already occupying 63% of the office spaces in the facility. 

The purchase is still subject to regulatory approval.

Shares in BDO ended the morning trading down 0.71%. — Ramon Royandoyan