AboitizLand buys out Alcantara Group in Lima Land for P1.36B

Aboitiz Land Inc., the Aboitiz family's property unit, bought the majority stake of the Alcantara Group in Lima Land Inc. for P1.36 billion.
 
In a disclosure Friday to the Philippine Stock Exchange, Aboitiz Equity Ventures Inc. said AboitizLand signed a share purchase agreement with Alsons Land Corp. to acquire the latter's 60-percent interest in Lima Land for P1,364,321,900.00.
 
"The purchase price includes Lima Land's interests in its wholly-owned subsidiaries, Lima Utilities Corporation and Lima Water Corporation," the disclosure read.
 
Aboitiz Equity said the buyout is expected to close within 30 days of signing the share purchase agreement.
 
In a separate disclosure, Alsons Consolidated Resources Inc. (ACR) noted the divestment by property development arm Alsons Land from Lima Land was in line with the corporate focus on power generation.
 
"Alsons Land's divestment in Lima Land is in keeping with ACR's decision to make power generation in Mindanao and other key areas of the Philippines," the disclosure read.
 
"Property development will remain a part of ACR's and the Alcantara's Group's portfolio," it added.
 
Lima Land is a 40-60 joint venture between Marubeni Corporation of Japan and Alsons Land, and is the owner and operator of the 485-hectare Lima Technology Center, a PEZA-registered industrial park in Lipa-Malvar, Batangas.
 
Locators at the center are manufacturers of automobile components and motorcycles, printers, plastic moldings, and LCD projectors.
 
AboitizLand is developer and operator of the Mactan Economic Zone II in Barangay Mactan, Lapu Lapu City, and the West Cebu Industrial Park in Balamban, Cebu through subsidiary Cebu Industrial Park Developers Inc. – Danessa Rivera/VS, GMA News