CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported)
Jun 15, 2021
2. SEC Identification Number
62596
3. BIR Tax Identification No.
000-163-715-000
4. Exact name of issuer as specified in its charter
KEPPEL PHILIPPINES HOLDINGS,INC.
5. Province, country or other jurisdiction of incorporation
MAKATI CITY, PHILIPPINES
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Unit 3B Country Space 1 Building, 133 Sen. Gil Puyat Avenue, Salcedo Village, Makati City, PhilippinesPostal Code1200
8. Issuer's telephone number, including area code
632-88921816
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON A
36,065,970
COMMON B
21,552,349
11. Indicate the item numbers reported herein
5
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Keppel Philippines Holdings, Inc.KPH
PSE Disclosure Form 4-26 - Legal Proceedings References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Substitution of Keppel Philippines Holdings, Inc. (KPH) as party to a civil case
Background/Description of the Disclosure
Update to the 2021 Information Statement disclosure on legal proceedings. KPH was substituted as a party to a case after KPH sold its interest (land rights) in a property in Bauan, Batangas to a non-related third party as per SEC Form 17-C dated 17 June 2021. As a condition of the sale, necessary motions for substitution to replace KPH as party in said case were made and KPH received on 7 June 2021 a copy of the buyer’s entry of appearance.
Name of the court or agency in which the proceedings are pending
Regional Trial Court Branch 8 Batangas City
Date Instituted
Sep 26, 2003
Docket Number
Civil Case 7364
Principal Parties
Keppel Philippines Holdings, Inc. versus Philippine National Oil Company, and PNOC Dockyard & Engineering Corporation
Nature and description of the legal proceedings
Civil Case.
KPH filed a complaint on 26 September 2003 against Philippine National Oil Company (PNOC) for specific performance with the Regional Trial Court (RTC) in Batangas City for the enforcement of the contract relating to the option to purchase parcels of land in Batangas. Judgment was rendered in January 2006 in favor of KPH ordering PNOC to accept the payment of P4.1 million, which was consigned with the Clerk of Court, as full and complete payment of the purchase price, and to execute a Deed of Absolute Sale in favor of KPH. PNOC filed an appeal with the Court of Appeals (CA) in the same year which was dismissed on 19 December 2011.
On 25 July 2016, Supreme Court (SC) affirmed the decision of the CA in December 2011 in the resolution dated 14 May 2012 and upheld KPH's option to buy the land and remanded the case to the RTC of Batangas City. On 14 December 2016, SC’s decision became final and executory and was recorded in the Books of Entries of Judgments.
On 26 April, 2017, KPH filed a Motion for Issuance of Writ of Execution before the RTC. The RTC denied the request on 24 September 2018. Thereafter, KPH filed several motions for reconsideration between October 2018 until April 2019. Subsequently, in April 2019, the Presiding Judge inhibited herself and the case was re-raffled to Branch 8.
On 29 July 2019, KPH filed its Motion for Joinder of Additional Defendant praying that the court issue an order directing the joinder of PNOC Renewable Corporation considering that the property at issue in the case was transferred to it during the pendency of the case.
On 11 December 2020, RTC Branch 8 ordered the parties to submit their respective memoranda with KPH awaiting its final resolution.
Considering the case has been ongoing for the past 18 years, KPH decided to monetize its interest. On 2 June 2021, KPH signed agreements selling its interest. As a condition of the sale, necessary motions for substitution as party in said case were made to replace KPH as a party. On 7 June 2021, KPH received a copy of the buyer’s entry of appearance.
The case is still ongoing with the recent filing of the motion for substitution.
The effect(s) on the Issuer's business or operations, if any