Jardine Davies owners okay sale of property units

Shareholders of Jardine Davies Inc. (JDI) have approved the sale of the company’s interests in real estate units Jardine Land Inc. and Jardine Properties Inc. to Hong Kong Land (PPI) BV.

The deal, valued at $2.5 million, involves the sale of JDI’s 2.32 million shares in JLI and 520,000 shares in JPI, respectively. JDI’s combined investment in JLI and JPI represents 22 percent of the listed investment holding firm’s total assets.

Both JDI and Hong Kong Land are part of the Jardine Matheson Group. Hong Kong Land is an existing shareholder in both JLI and JPI.

JDI earlier transferred its agrochemical distribution business and related assets and liabilities to two wholly-owned subsidiaries in line with its conversion into a pure holding entity.

The company’s remaining assets and liabilities have been assigned to Jardine Davies Investments Inc., a newly-formed subsidiary with an authorized capital of P11.3 million.

JDI is one of the oldest and most diversified companies operating in the country. It is a major force in the marketing and distribution of agricultural chemicals in the Philippines.

Through wholly- owned units, subsidiaries, and associates, JDI manages buildings and industrial materials, middle income housing, financial services, corporate services, agricultural supplies and sugar milling. It has branches in major cities in the country including Cebu, Davao, Bacolod, and Iloilo.

JDI has two sugar mills, both of which it manages and which account for approximately seven percent of total Philippine sugar production.

It is also one of the largest distributors of pesticides and related products through Jardine Agchem. JDI also has a financing and leasing company, which focuses on the financial needs of the emerging middle class.