Keppel Philippines Properties, Inc. (KEP) was originally incorporated in 1904 as Cebu Shipyard and Engineering Works, Inc. In 1998, the Keppel Group of Companies in the Philippines underwent a business reorganization which involved the change in corporate name of Cebu Shipyard to Keppel Philippine Properties, Inc., and the change in primary purpose from shipyard operations to property holdings and development. The Keppel Group also consolidated its ship repair and shipbuilding operations under Keppel Philippines Marine, Inc. and the property related businesses under KEP. KEP, through its associated companies, is engaged in the acquisition and development of suitable land sites for residential, office and commercial uses. The company's properties include Palmdale Heights, a residential cum commercial development located in Pasig City, The Podium, a shopping mall in the Ortigas central business district (CBD), and Benguet Centre, a Grade B office building also located in the Ortigas CBD. KEP's subsidiaries are CSRI Investment Corporation and Buena Homes, Inc., while its associates are SM Keppel Land, Inc. and Buena Homes (Sandoval), Inc. Source: SEC Form 17-A (2008)