Gaisanos taking over Keppel Philippines Properties

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March 4, 2026 | 12:00am

MANILA, Philippines — The Gaisano family is poised to take control of Keppel Philippines Properties Inc., with plans to keep it as a publicly listed company, following the divestment of Singapore’s Keppel Ltd. and affiliates of their entire stake.

In a stock exchange filing, Keppel Philippines Properties disclosed details about Forward Synergy Group Inc. (FSGI), the buyer of Keppel Ltd., Keppel Management Ltd., Molten Pte. Ltd. and Kepwealth Inc.’s 86.83 percent stake in the listed property company for about P472.7 million.

FSGI, a company incorporated in 2025, is beneficially owned by members of the Gaisano family.

Frank Sy Gaisano serves as FSGI chairman and president, while Kyle Gabriel Dy Gaisano and Mary Irish Dy Gaisano are directors of the company.

Given that the sellers own 86.83 percent of Keppel Philippines Properties’ total outstanding capital stock, FSGI is required to conduct a mandatory tender offer for all outstanding equity securities to all remaining stockholders of the company.

FSGI intends to conduct a mandatory tender offer to tendering shareholders of up to 38.7 million common shares, representing the remaining 13.17 percent Keppel Philippines Properties’ total outstanding capital stock.

The Gaisano-led firm will pay for the tender offers shares at P1.8526 per share, which is equivalent to the corresponding price to be paid for the shares in the transaction with the Keppel group.

The tender offer started yesterday and will end on March 31, with crossing slated on April 10 and settlement eyed on April 14.

FSGI said it has no plans of delisting the shares of Keppel Philippines Properties from the Philippine Stock Exchange upon gaining control.

The company said its objective is to create long-term value for shareholders through disciplined capital allocation, active ownership and strategic growth.

Keppel Philippines Properties was originally incorporated under the name Hoa Hin Co. Inc., then renamed Cebu Shipyard and Engineering Works Inc., and then to its present name in 1998.

The company was registered primarily to invest or acquire interest in, purchase, own or hold, directly or indirectly, shares of stocks and to undertake in property development activities through associates and joint venture.

Undertaking property development activities through its associates and joint ventures, it has successfully completed residential and commercial developments in the country, including Palmdale Heights in Pasig City and the Podium Complex in Ortigas’ central business district. Keppel Philippines Properties has divested its interest in these properties.