Keppel Philippines Holdings, Inc. (KPH) was incorporated in July 1975 under the former name of Keppel Philippines Shipyard, Inc. The company was established as a subsidiary of Keppel Corporation Ltd. of Singapore to carry out ship repair and shipbuilding activities in the Philippines. KPH was listed in the Makati and Manila Stock Exchanges in 1987. In 1988, the company expanded its shipyard operations with the acquisition of Cebu Shipyard & Engineering Works, Inc. In 1993, a corporate restructuring was undertaken wherein the shipyard assets owned and operated by KPH were acquired by Keppel Philippines Marine, Inc. (KPM) through an asset for share swap. In the same year, KPH was converted into an investment holding company under the name of Keppel Philippines Holdings, Inc. Over the years, KPH diversified into other businesses including banking and financial services, property development, and engineering services. In recent years, KPH has exited the various businesses and its main assets are currently investment properties. KPH has a wholly-owned subsidiary, KPSI Property, Inc. and a 51%-owned subsidiary, Goodwealth Realty Development Corp. (GRDC). Through GRDC, KPH has an effective ownership of 51% in Goodsoil Marine Realty, Inc., which owns the land used for the ship repair activities of KPM, and an effective ownership of 37% in Keppel Cebu Shipyard Land, Inc., which owns parcels of land and land improvements leased to Keppel Cebu Shipyard, Inc. Source: SEC Form 17-A (2008)