By Jenniffer B. Austria | Jan. 19, 2015 at 11:35pm [ manilastandardtoday.com ]
First Philippine Holdings Corp. of the Lopez Group said Monday it won the 46.4-hectare Philtown Industrial Park in Tanauan, Batangas in an auction conducted last month.
First Philippine Holdings said in a disclosure to the stock exchange it was notified as the winning bidder for the land, including the improvements, in the private bidding.
“This will be subject to the parties’ negotiations of, and the final agreement, on the transaction documents,” First Philippine Holdings said.
The land is held by Brilliante Realty Corp. while Mitsubishi Motors Philippines Corp. owns the improvements.
The bidding for the property was earlier scheduled on Dec. 15.
The deal will enable First Philippine Holdings to expand its industrial estate business. The company, in joint venture with Sumitomo Corp. of Japan, owns First Philippine Industrial Park, a 450-hectare economic zone in Santo Tomas, Batangas.
First Philippine Holdings is a premier industrial park hosting industry leading multinational companies in the electronic and semiconductors manufacturing, solar cells and aircraft components production, engineering plastics and metals, consumer goods manufacturing and other technology-based sectors.
First Philippine Holdings in 2013 expanded the industrial estate by acquiring another 100 hectares due to increasing demand for business parks from new foreign companies relocating their operations in the Philippines and existing export-oriented firms that are expanding current operations.
Aside from industrial estate development, First Philippine is engaged in power generation, manufacturing operations and real estate development. The company’s other activities consist of pipeline service, construction, drilling and sale of merchandise.
The company’s subsidiaries and affiliates include First Gen Corp., Energy Development Corp., First Philippine Industrial Corp. and Rockwell Land Corp.
The company still has a 3.95-percent interest in power retailer Manila Electric Co.
Two Japanese medical product manufacturers are set to build factories in the First Philippine Industrial Park as part of their expansion in the Philippines.
Tokai Medical Products and JMS Company Ltd., through their Philippine subsidiaries, recently signed contracts for the lease of areas within the economic zone in Batangas.
Tokai Medical Products Philippines will turn its new plant in FPIP as platform for manufacturing medical catheters for export to Japan and the US.
TMP’s plant will be the company’s first outside Japan. The medical catheters, such as aortic catheters and intra-aortic occlusion catheters, are products that assist heart disease patients.