By Leslie Venzon
MANILA, (PNA) — Aboitiz Land, Inc. (AboitizLand) has closed a deal to buy Alsons Land Corp.’s (ALC) 60-percent stake in Lima Land Inc. (LLI) for P1.36 billion.
In a disclosure, Aboitiz Equity Ventures Inc. said its wholly-owned subsidiary, AboitizLand, signed on Friday the share purchase agreement (SPA) with Alcantara Group to acquire ALC’s interest in LLI.
LLI is the owner and operator of LiMA Technology Center (LTC), a 485-hectare Philippine Economic Zone Authority-registered industrial park located in Batangas currently hosting 37 locators employing over 24,000 workers.
The purchase price includes LLI’s interests in its wholly-owned subsidiaries, Lima Utilities Corp. and Lima Water Corp.
The buyout is expected to be closed within a month.
With this transaction, the remaining 40-percent equity stake in LLI is held by Japan’s Marubeni Corp.
Listed Alsons Consolidated Resources Inc. (ACR) and the AEV are confident that this agreement is in the best interests of the LTC’s locators, employees and the host cities of Lipa and Malvar.
Both parties look forward to a smooth transition for the industrial park’s new management and the new members of the board of directors.
ACR said its wholly-owned subsidiary ALC’s divestment from LiMA Land is in line with its decision to make power generation in Mindanao and other key areas of the Philippines the core focus of its business.
Property development will remain a part of ACR’s and the Alcantara Group’s portfolio.
AboitizLand, the real estate arm of the Aboitiz group, is the developer and operator of two economic zones -the Mactan Economic Zone II and the West Cebu Industrial Park in Balamban, Cebu.