MANILA, Philippines – Publicly-listed holding firm Aboitiz Equity Ventures Inc. (AEV) folds under its wing its affiliate, Cebu-based real estate firm, Aboitizland Inc. as part of the group’s consolidation efforts.
AboitizLand is a wholly owned subsidiary of unlisted Aboitiz & Co., which held 2.74 million shares or a 49.54% stake in AEV. This transfer allows AEV to directly engage in and profit from real estate.
In a disclosure to the stock exchange on Friday, September 28, AEV said its board approved the transfer of the entire stake of Aboitiz & Co. in AboitizLand through a for P3.2 billion-worth share purchase agreement and other collateral contracts.
“We are looking at expanding AEV’s earning capacity in business sectors that have scale, amid a growing domestic economy and Filipinos’ improved earning capacity. AboitizLand is an ongoing business with strong recurring income from its industrial estates as well as from its many existing projects. It also has a backlog of prospective innovative projects,” AEV President & CEO Erramon Aboitiz said.
AboitizLand is a leading Cebu real estate developer with investments in residential, commercial and industrial developments, and property management.
It is also the developer and operator of the Mactan Economic Zone II in Lapu Lapu City and the West Cebu Industrial Park in Balamban, through its subsidiary, Cebu Industrial Park Developers Inc.
Known for its strong brand and a reputation for quality projects, Aboitiz said AboitizLand also has a landbank that is “valued at attractive valuations.” – Rappler.com
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