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Chemphil sells Makati property for P1.1B

Chemical Industries of the Philippines is selling a 1,000 square meter property in Makati City for P1.13 billion.

In a regulatory filing, Chemphil said it accepted the offer from Keyland Corporation for the sale of a parcel of land with building located at 851 A. Arnaiz Avenue, Legaspi Village, Makati.

Chemphil said it is converting idle assets into cash to boost revenues.

The total consideration was determined by the parties after negotiations.

Chemphil and its subsidiaries are engaged in the leasing of office space to related and outside parties.

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