MANILA, Philippines - Central Azucarera de Tarlac Inc (CAT) has acquired shares in the company that owns Luisita Industrial Park in Tarlac.
In a disclosure to the local bourse, CAT said it has purchased 349,900 shares of stocks in Luisita Realty Corp. for P135 million.
Luisita Realty has recently been found compliant by the Department of Labor and Employment (DOLE) and was issued a Certificate of Compliance on General Labor Standards (GLS) and Occupational Safety and Health Standards (OSHS).
The Luisita Industrial Park, which Luisita Realty owns, earlier this month became the first labor laws-compliant economic zone in the country.
It currently has nine locator-firms that employ a total of 9,167 workers.
CAT Resource & Asset Holdings Inc (CRAHI) recently became the new controlling shareholders of CAT after it purchased for P1.80 billion a total of 69.98 percent stake sold by previous controlling shareholders of the listed sugar company.
CRAHI intends to develop a 330-hectare industrial land of CAT and engage in the real estate business as an additional business.
The new controlling shareholders of CAT also want the listed sugar firm to acquire additional industrial/residential land around its current industrial land.