First Pac OKs sale of Boni Land to Ayala-Greenfield

The board of directors and stockholders of Hongkong-based First Pacific Co. Ltd. approved the sale to Ayala Land and Greenfield Development Corp. of a $90-million loan secured by a 50.4-percent interest in Bonifacio Land Corp. (BLC).

The STAR learned that the FPC board met in Hong Kong yesterday to finalize the deal, which involves a loan extended by FPC subsidiary Larouge BV to sister firm Metro Pacific Corp. (MPC). MPC owns more than 80 percent of BLC.

MPC officials said they expect the definitive agreement regarding the deal to be signed before the end of the month.

Ayala and Greenfield will pay $45 million each and will jointly develop the vast Bonifacio Global City. – Mary Ann Reyes