MANILA - (UPDATED 10:11 a.m.) Aboitiz Equity Ventures Inc. is set to gain full ownership of a Cebu-based property affiliate.
In a disclosure to the Philippine Stock Exchange, AEV said its board of directors approved a proposal to purchase 100 percent of Aboitiz Land Inc. for P3.2 billion.
The transaction is targeted for completion within two months upon the execution of the share purchase agreement and other collateral contracts.
?We are looking at expanding AEV?s earning capacity in business sectors that have scale, amid a growing domestic economy and Filipinos' improved earning capacity,? Erramon Aboitiz, AEV president and chief executive officer, said in a statement.
?AboitizLand is an ongoing business with strong recurring income from its industrial estates as well as from its many existing projects. It also has a backlog of prospective innovative projects,? he said.
He said AboitizLand has a land bank "valued at attractive valuations? and a management team ?we have confidence in.???
AboitizLand has investments in residential, commercial and industrial developments, and property management.? It is a wholly owned subsidiary of Aboitiz & Company Inc., a major shareholder in AEV.
AboitizLand, through its unit Cebu Industrial Park Developers Inc., develops and operates two economic zones in Cebu: the Mactan Economic Zone II in Barangay Mactan, Lapu Lapu City; and the West Cebu Industrial Park in Balamban.
Aside from real estate development, the Aboitiz Group is involved in power generation and distribution, banking, food production, construction, and shipbuilding.
http://www.interaksyon.com/business/44241/aev-to-absorb-cebu-based-property-affiliate
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