Keppel Philippines Properties, Inc. will have a new majority owner after its Singapore-based parent and related shareholders agreed to sell their entire 86.83 percent stake for about P472.7 million, allowing Keppel to exit the listed company.

In a disclosure on Friday, the property firm confirmed that Keppel Ltd. and its related entities “entered into a share purchase agreement with Forward Synergy Group, Inc. on February 12 for the sale and purchase of the Sellers’ 86.83 percent ownership of the total outstanding capital stock of the Company which represents all of the shares owned by the Sellers in the Company.”

The sellers “have agreed to sell the Sale Shares to the Buyer for an aggregate cash consideration of approximately P472.7 million at P1.8526 per share.”

The deal will transfer control of the company to Forward Synergy, but it still requires certain conditions to be met before completion, including a mandatory tender offer by the buyer.

Keppel Philippines Properties also requested a temporary halt in trading of its shares, saying this was “to ensure that the investing public would have equal access to the disclosed information.”