Posted on October 07, 2013 10:40:50 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Aboitiz Land, Inc. (AboitizLand) has closed a deal to acquire a controlling stake in an industrial estate company, AboitizLand’s listed parent Aboitiz Equity Ventures, Inc. (AEV) said in a disclosure yesterday.
“AboitizLand’s purchase of 60% of the issued and outstanding shares of Lima Land, Inc. was consummated today after the closing conditions for the share purchase agreement dated Oct. 3… were met,” the disclosure read.
Alsons Land Corp., which previously owned the shares, earned P1.36 billion from the transaction, which left Japanese firm Marubeni Corp. with the remaining 40% stake.
The purchase price includes Lima Land’s interests in its wholly owned subsidiaries, Lima Utilities Corp. and Lima Water Corp., AEV had said in a disclosure on Friday last week.
Lima Land is the owner and operator of LiMA Technology Center, a Philippine Economic Zone Authority-registered industrial park in Batangas. It counts printer maker Epson Philippines Corp.; Yamaha Motor Philippines, Inc.; technology firm Philippines TRC, Inc.; K&K Molding, Inc.; Daiho (Philippines), Inc.; and Hitachi Cable Philippines, Inc. among its locators.
AboitizLand, the real estate arm of the Aboitiz group, is the developer and operator of two economic zones, namely: the Mactan Economic Zone II in Barangay Mactan, Lapu Lapu City and West Cebu Industrial Park in Balamban, Cebu, through its subsidiary, Cebu Industrial Park Developers, Inc.
AEV Chief Executive Officer Erramon I. Aboitiz told reporters last month that his group was looking for more opportunities in the industrial estate business as there were “many foreign investors that are looking at the Philippines.”
Mr. Aboitiz said the company could begin expanding Lima Land next year as the industrial park was nearing full capacity.
AboitizLand is also the Aboitiz Group’s corporate vehicle for a number of infrastructure projects offered under the government’s public-private partnership (PPP) program.
The company, in partnership with Ayala Corp., was prequalified to bid for a P17.5-billion PPP project to expand and operate Mactan Cebu International Airport.
It is also one of the groups interested in a P35-billion project to build Cavite-Laguna Expressway.
AEV, the parent of AboitizLand, saw profit fall 3.62% to P14.37 billion in the first semester from P14.91 billion a year ago.
Shares of AEV grew 40 centavos or 0.84% to P48.10 apiece yesterday from P47.70 apiece last Friday. -- Cliff Harvey C. Venzon