Posted on June 25, 2013 10:07:48 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Aboitiz Land, Inc. (AboitizLand) has offered to purchase 60% of Lima Land, Inc., a subsidiary of Alsons Land Corp. that owns LiMA Technology Center at the boundary of Malvar, Batangas and Lipa City, AboitizLand parent Aboitiz Equity Ventures, Inc. said in a regulatory filing disclosed through the stock exchange yesterday.
“The offer to purchase is subject to the requisite due diligence review and the completion of a definitive share purchase agreement,” the filing read.
Company officials were not immediately available for comment.
LiMA is registered with the Philippine Economic Zone Authority as a special economic zone.
As such, its locators are entitled to tax and non-tax incentives under Republic Act No. 7916, or the Special Economic Zone Act of 1995, like income tax holiday (ITH) ranging from four to eight years; a 5% gross income tax rate in lieu of national and local taxes after the expiry of ITH; exemption from duties and taxes on imported capital equipment, spare parts, materials, supplies, breeding stocks and genetic materials; tax credit for import substitution and on domestic capital equipment; additional deduction for training and labor expenses; permanent resident status for foreign investors and members of their immediate families; employment of foreign nationals; as well as simplified import and export procedures.
LiMA’s Web site showed its list of locators includes foreign-based Chiyoda Philippines Corp.; Daiho (Philippines), Inc.; Epson; Hitachi Cable Philippines, Inc.; K&K; Koyo Manufacturing Philippines Corp.; Lima Logistics Corp.; Littelfuse, Inc.; Luster Rubber Manufacturing Corp.; Mitsuba Philippines Corp.; Philinak Industries, Inc.; Tosoh Polyvin Corp.; Sohbi Kohgei (Philippines); Yamaha Motor Philippines, Inc.; and Yazaki-Torres Manufacturing, Inc.
Shares of Aboitiz Equity lost P2.50 or 5.88% to close at P40 apiece yesterday from P42.50 last Monday, while those of Alsons Land parent, Alsons Consolidated Resources, Inc., shed three centavos or 2.40% to end at P1.22 each from P1.25.