A subsidiary of Keppel Philippines Holdings, Inc. has sold 72% stake in Keppel Cebu Shipyard to a unit of San Miguel Corporation, Seatrade Asia online reports. SMC Shipping and Lighterage Corporation, a 70% subsidiary of San Miguel Corporation, acquired the interest in the Cebu yard from Goodsoil Marine Realty, Inc. for PHP596.2m ($13.8m) to expand its business interest. “The sale was approved as Keppel no longer have shipyard operations on the said land,” Keppel Philippines announced to the Philippine Stock Exchange last Friday. Goodsoil Marine Realty has received full cash payment for the sale.
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