RAPLLER - Publicly-listed holding firm Aboitiz Equity
Ventures Inc. (AEV) folds under its wing its affiliate, Cebu-based real
estate firm, Aboitizland Inc. as part of the group's consolidation
efforts.
AboitizLand is a wholly owned subsidiary of unlisted Aboitiz &
Co., which held 2.74 million shares or a 49.54% stake in AEV. This
transfer allows AEV to directly engage in and profit from real estate.
In
a disclosure to the stock exchange on Friday, September 28, AEV said
its board approved the transfer of the entire stake of Aboitiz & Co.
in AboitizLand through a for P3.2 billion-worth 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. 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," AEV President & CEO Erramon Aboitiz said.
AboitizLand
is a leading Cebu real estate developer with investments in
residential, commercial and industrial developments, and property
management.
It is also the developer and operator of the Mactan
Economic Zone II in Lapu Lapu City and the West Cebu Industrial Park in
Balamban, through its subsidiary, Cebu Industrial Park Developers Inc.
Known
for its strong brand and a reputation for quality projects, Aboitiz
said AboitizLand also has a landbank that is "valued at attractive
valuations."
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