Kepwealth Property Phils. Inc. is still in the process of executing its planned property acquisitions funded by the proceeds from its initial public offering (IPO) in 2019.
As indicated in its recent progress report submitted to the Philippine Stock Exchange, Kepwealth’s board now anticipates the completion of these property acquisitions in either the second semester or the first half of 2024.
This timeline represents an adjustment from the company’s initial projection, which aimed to finalize the acquisitions by the end of the second quarter in 2020.
Kepwealth said it remains committed to a conservative approach in its capital investments, prioritizing the best interests of its shareholders.
In the interim, the company has invested all unused IPO proceeds in low-risk financial instruments with the aim of securing the highest possible returns.
Kepwealth raised P384.8 million in gross proceeds from its 2019 IPO. To date, the company has utilized these funds to acquire two contiguous floors and 18 parking spaces in One San Miguel Avenue.