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.
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