MANILA, Philippines - Aboitiz Equity Ventures Inc. (AEV) is acquiring 100 percent ownership of affiliate Aboitiz Land Inc. for P3.2 billion.
In a disclosure to the Philippine Stock Exchange, AEV said the transaction is expected to be completed within two months upon signing of the requisite share purchase agreement and other collateral contracts.
Aboitiz Land, a wholly owned subsidiary of Aboitiz & Co. Inc., is one of the most trusted real estate firms in Cebu with investments in residential, commercial and industrial developments, and property management.
The company is the developer and operator of two economic zones, the Mactan Economic Zone II in Barangay Mactan, Lapu Lapu City, and the West Cebu Industrial Park in Balamban, Cebu, through its subsidiary Cebu Industrial Park Developers, Inc.
Aboitiz Land has extensive landbank in Cebu and other major population centers in the Visayas and Mindanao.
AEV is mainly engaged in power generation and distribution (Aboitiz Power), financial services (Union Bank) and food manufacturing (Pilmico Foods).
The Aboitiz Group is also looking to branch out into infrastructure development by bidding for a P10 billion project to redevelop the Mactan International Airport in Cebu.
It signed an agreement with Ayala Corp. to form a 50-50 joint venture that will serve as their vehicle to build a new terminal for the country’s second largest international gateway.