House of Investments, Inc. (PSE:HI) completed the acquisition of 51% stake in Sun Life Grepa Financial, Inc. from GPL Holdings Corporation.
December 28, 2023
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House of Investments, Inc. (PSE:HI) entered into an agreement to acquire 51% stake in Sun Life Grepa Financial, Inc. from GPL Holdings Corporation for approximately PHP 880 million on April 25, 2023. As part of the agreement, HI will issue 221,716,590 common shares to GPLH. The deal is subject to the Approval of Regulatory board and antitrust Regulations and approval by House of Investments, Inc. (PSE:HI) shareholders. On April 25, 2023, the board of directors of HI approved the agreement with GPL. On July 21, 2023, the board of directors of HI approved the agreement. The transaction was approved by SEC on December 29, 2023.
House of Investments, Inc. (PSE:HI) completed the acquisition of 51% stake in Sun Life Grepa Financial, Inc. from GPL Holdings Corporation on December 29, 2023.
House of Investments, Inc. is a Philippines-based holding company, which is primarily engaged in car dealership, construction, education, afterlife services, consumer finance, property leasing and management, project management, security, and pharmaceuticals. Its segments include Cars Business, Education, Property and Property Services, and Others. Car Business segment represents automotive dealerships of the Company. Education segment primarily consists of revenues from IPO and subsidiaries in education and other related support services. Property and Property Services segment represents property leasing activities from ATYC and project management services of the Company. Other Services segment represent support services, which is engaged in the sale of pharmaceutical products, trading of consumer goods and rendering various services to the consumers. Its subsidiaries include Landev Corporation and Investment Managers, Inc.