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Filinvest completes acquisition in 2 firms


[ Malaya.com.ph ] February 9, 2010

Listed Filinvest Land Inc. (FLI) has completed its acquisition of the 40 percent stake of Africa-Israel Properties (Philippines) Inc. in Cybezone Properties Inc. (CPI) and another 40 percent interest of Africa-Israel Investments (Philippines) Inc. in Filinvest All Philippines Inc. (FAFI).

In a disclosure to the Philippine Stocks Exchange, FLI said the acquisition costs were P780 million for CPI and P383.2 million for FAPI. Now, FLI owns 100 percent of CPI and FAPI.

"FLI’s acquisition of Africa-Israel’s interests in the two companies will enable FLI to consolidate its share in the strong and stable recurring revenue streams from the two companies as well as provide incremental development potential to FLI’s existing revenue streams," the company said.

The sale of Africa-Israel of its interests in the two companies is part of the firm’s global portfolio rebalancing and consolidation activity.

CPI owns and operates the business process outsourcing offices in Northgate Cyberzone in Alabang, Muntinlupa while FAPI is developing the Timberland Sports and Nature Club and 50 hectares comprising Phase 2 of FLI’s Timberland Heights township project in San Mateo, Rizal. - Dwight Sarga

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