Shang Properties to buy P1.81B stake in realty firm from SMC unit

Real estate developer Shang Properties Inc. on Monday disclosed that it has agreed to buy the 29.38 percent in KSA Realty Corp. held by San Miguel Properties Inc. for over P1.81 billion. Shang Properties said the transaction will be completed early 2008. San Miguel Properties confirmed the planned sale in a separate disclosure. The Philippine Stock Exchange, in a note to brokers, said it has suspended trading on Shang Properties shares on Monday pending additional information on the deal. “The Exchange is seeking additional information on the matter and shall appropriately inform the trading participants and the investing public of the same," the PSE said. - GMANews.TV