C04927-2025 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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COMMON | 163,000,000 |
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.
Subject of the Disclosure |
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Sale of Seafront Resources Corporation (SPM) entire 11.33% equity interest in Hermosa Ecozone Development Corporation (HEDC) |
Background/Description of the Disclosure |
SPM's divestment of all its shareholdings in HEDC |
Date of Approval by Board of Directors |
May 8, 2025 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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The sale will help SPM raise funds for future investments in growth. The proceeds will improve SPM's cash position and may be used for potential new investments in the energy sector. |
Date | Jul 8, 2025 |
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Manner |
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Disposition of shares through sale to existing shareholders |
Description of the company to be acquired or sold |
HEDC is a private company involved in the development of a special economic zone in Hermosa, Bataan. |
Number of shares to be acquired or disposed | 1,000,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 11.33 |
Price per share | 325 |
Nature and amount of consideration given or received |
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Php325,000,000.00 in cash |
Principle followed in determining the amount of consideration |
Premium over net book value |
Terms of payment |
PhP300M cash upfront; PhP25MM through earnout from future dividends |
Conditions precedent to closing of the transaction, if any |
N/A |
Any other salient terms |
N/A |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The divestment is not expected to have a material adverse effect on the overall business of SPM. SPM remains a holding company, and there will be no change in its business activities following the sale. |
Other Relevant Information |
N/A |
Name | Louie Mark Limcolioc |
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Designation | Asst. Corporate Secretary |