LISTED property developer Kepwealth Property Phils., Inc. announced on Thursday that it is evaluating potential property acquisitions for the second half (H2) of the year or the first half of 2024.
In a regulatory filing, the company said that its board of directors projects that it is likely to explore new acquisitions in the future.
“The challenges brought about by the COVID 19 pandemic have continued into the second quarter of 2023. This has adversely affected the businesses of our clients, which in turn has affected our leasing operations,” the company said.
“We are working closely with our clients to help them stay afloat and weather this pandemic even as we exert all efforts to look for new clients,” it added.
Kepwealth said that it would proceed cautiously with new acquisitions and evaluate the company’s available properties in line with the current demand for office space in the market.
The company previously announced its intention to complete the acquisition of new properties by the end of the second quarter of 2020, using the proceeds from its P384.77 million initial public offering.
“We still believe that our shareholders’ interest would be best served by being conservative in our capital investments,” the company said.
The company also said that it had invested all unused proceeds from the initial public offering in low-risk investment instruments with the highest possible returns, without providing further details about the nature of the investment.
As of the end of June, the company holds P170.45 million in net proceeds from its initial public offering.
During the first quarter, the company reduced its attributable net loss to P157,906 from P615,831 in the same period the previous year.
In the three-month period, the company recorded a 2.95% decline in revenues, amounting to P11.86 million compared to the previous year’s reported revenue of P12.22 million. — Adrian H. Halili
