Sans any competition bottlenecks, the Philippine Competition
Commission (PCC) approved on Wednesday three deals in the real estate
and manufacturing industries.
In a statement, PCC said it cleared the acquisition by Alveo Land
Corp. of properties from Antel Land Holdings Inc. in Makati City; the
joint venture between Century Properties Group Inc. and Mitsubishi
Corporation; and the acquisition of shares by Aisin Seiki Co. Ltd.
Toyota Motor Corporation (TMC).
For the first transaction, Alveo is set to acquire Antel’s 1.3-hectare land and assets, including A. Venue Mall, in Makati City.
“PCC found that the transaction does not result in substantial
lessening of competition in the market of medium-cost residential
condominiums in Makati and BGC, Taguig,” the statement read.
Century Property and Mitsubishi meanwhile agreed to engage in the
development, construction and sale of residential properties on parcels
of land in Tanza, Cavite.
This will create a spinoff company, reportedly named as PHirst Park
Homes, which will be incorporated with the Securities and Exchange
Commission.
PCC noted there were numerous firms that remained engaged in the
residential real estate development within the identified geographic
market. These competitors were seen to exert competitive pressures on
the parties after the transaction.
Aisin Seiki Co. Ltd., on the other hand, is set to acquire additional
shares of Toyota Autoparts Philippines Inc. (TAP) from Toyota Motor
Corporation (TMC) in the Philippines. The move will switch Aisin Seiki
from being a minority to a majority shareholder of TAP.
PCC said conditions of production and the sale of manual transmission
components to TAP would be the same before and after the transaction.
Aisin and its subsidiaries are engaged in the manufacture and sales
of automotive parts, lifestyle- and energy-related products and
wellness-related products. —ROY STEPHEN C. CANIVEL
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