Keppel pays penalties after disclosure errors
LISTED property developer Keppel Philippines Properties, Inc. said it had paid penalties to the Securities and Exchange Commission (SEC) on Oct. 6 due to errors in its disclosures.
In a regulatory filing on Monday, Keppel Philippines said it paid P117,600 due to noncompliance with the prescribed website template for publicly listed companies.
The company disclosed that it also paid P96,600 as a result of an incomplete disclosure on its 2017 integrated annual corporate governance report.
In the first half, Keppel Philippines logged an 87% decline in its net income to P56.9 million compared with P447.9 million last year, as its gross income declined due to the lower share in the results of associates and a joint venture.
Keppel Philippines holds investments in associates and joint venture involved in property development and holding of investment properties. The company derives its revenue from rendering management consultancy services to its associates.
Based on its website, Keppel Philippines is engaged in property development activities through its associates and joint venture. The company is ultimately owned by Singapore-based conglomerate and investment firm, Keppel Corp. Ltd. — Revin Mikhael D. Ochave
