Cebu–(PHStocks)–The Board of Directors of Aboitiz Equity Ventures Inc. (PSE: AEV) approved the proposal to acquire 100% ownership of its affiliate AboitizLand Inc. (AboitizLand) at the transaction cost of PhP3.2 billion. The transaction is expected to be completed within two months upon the execution of the requisite Share Purchase Agreement and other collateral contracts.
AboitizLand is a wholly owned subsidiary of Aboitiz & Company Inc. (ACO). After close to two decades in operation, AboitizLand remains one of the country’s most trusted Cebu real estate developers with investments in residential, commercial and industrial developments, and property management. At present, AboitizLand is the developer and operator of two economic zones, the Mactan Economic Zone II in Barangay Mactan, Lapu Lapu City, and the West Cebu Industrial Park in Balamban, Cebu, through its subsidiary, Cebu Industrial Park Developers Inc.
The seller, ACO, is a major shareholder of AEV.