SBS to diversify into property

SBS Philippines Corp. reported that its board of directors, in its meeting last Feb. 28, approved to amend the secondary purpose of its articles of incorporation to diversify the business of the company to include the holding, acquiring or participating in investments in property related assets as well as shares or interests in entities involved in property-related businesses as and when the appropriate opportunities arise. The diversification proposal will be submitted for shareholder approval in the annual general meeting. In 2016, the company unlocked the value of certain long term investments in property-related holdings, which were held for capital growth and completed with a significant one-off gain from the disposal of such investments assets in the amount of P858.8 million. PR