Kepwealth Property Phils. Inc. has moved its ongoing acquisition of leasable office spaces to the first or second quarter of 2021 because of the business difficulties posed by the coronavirus disease 2019 (COVID-19) pandemic.
At a disclosure to the stock market on Tuesday, the business said that it chose to proceed cautiously while evaluating accessible properties and checking the market requirement for office spaces. The move comes following a review of the corporation’s strategies about the best way to use the proceeds from its initial public offering (IPO).
Originally, the company had projected to complete the acquisition before the conclusion of the second quarter of 2020. We now believe that our investors’ interest will be best served to transfer the acquisition to the first or second quarter of 2021″ the disclosure stated.
Last year, the company was able to raise P384.77 million as it listed its shares on the stock exchange. Proceeds from the IPO will be allocated to the purchase of new spaces for both commercial and office leasing.
Further, the business said the earlier purchase of its two neighboring flooring and 18 parking spaces in One San Miguel Ave. had just been turned over after the improved neighborhood quarantine.
In March, the business forged deeds of absolute sale with Amberland Corp. for spaces at the stated construction in Pasig City.
Meanwhile, the Kepwealth also disclosed that a couple of possessions that it is handling had expressed their desire to pre-terminate the asset management arrangement with the business. The organization’s disclosure failed to state that the names of their properties.
“Nonetheless, as we see when the nation eventually bounces back economically, the business continues to function to research prospective tie-ups with property owners,” Kepwealth President Augusto Pablo A. Corpus Jr.
On Tuesday, shares of Kepwealth from the stock exchange rose 0.21 percent or P0.01 to close at P4.85 per share.