Seafront divests HEDC stake, targets energy – BusinessWorld Online
LISTED holding company Seafront Resources Corp. (SPM) has divested its stake in Hermosa Ecozone Development Corp. (HEDC) under a P325-million deal, as it looks for potential investments in the energy sector.
SPM sold its entire 11.33% stake in HEDC, equivalent to 1 million common shares, the holding company said in a regulatory filing on Wednesday.
The shares were sold to Science Park of the Philippines, Inc., Regatta Holdings, Inc., and Asset Growth Inc.
“The sale will help SPM raise funds for future investments and growth. The proceeds will improve SPM’s cash position and may be used for potential new investments in the energy sector,” SPM said.
SPM said that P300 million will be paid upfront in cash, while the remaining P25 million will be settled through an earnout based on future dividends from the shares sold.
“The divestment is not expected to have a material adverse effect on the overall business of SPM,” the company said.
SPM is a holding company with a portfolio of investments in stocks traded on the Philippine Stock Exchange and in government securities.
Meanwhile, HEDC is a private company involved in the development of the Hermosa Ecozone Industrial Park in Hermosa, Bataan.
SPM shares were unchanged at P2.70 per share on Wednesday. — Revin Mikhael D. ochave
