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MANILA, Philippines — Ayala Land Incorporated (ALI) folded its stake in Laguna Technopark Incorporated (LTI) into Prime Orion Philippines Incorporated (POPI), in a move that boosts its stake in the firm while positioning it as its logistics and industrial estate developer arm.
ALI said that its “executive committee has approved the exchange of ALI’s 75% equity interest in LTI “into additional shares of stock in POPI” In a disclosure to the stock exchange on Friday, March 23.
The property developer said the value of the transaction is P3.0 billion where POPI will issue 1,225,370,620 common shares to ALI in exchange for 30,186 LTI common shares.The deal will also see ALI boost its direct ownership in POPI to 63.90% from 54.91%.
POPI is a listed real estate holding firm which owns the Tutuban Center in Divisoria. ALI acquired majority control of the firm in a deal finalized in 2016 that also paved the way for the expansion of the Tutuban retail complex.
LTI, run by ALI in partnership with Japan’s Mitsubishi Corporation, developed and owns the Laguna technopark Industrial estate which spans 460 hectares across Sta Rosa and Binan in Laguna and caters to light and medium local and global enterprises.
The firm also controls Cavite Technopark – a similar 118 hectare industrial estate located in Naic, Cavite and launched in 2015.
“Combining LTI and POPI will create a bigger entity that will pursue real estate logistics and industrial development and reposition POPI to be a leading real estate logistics and industrial estate developer and operator in the Philippines,” ALI said. –Rappler.com
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