By Bernie Cahiles-Mgakilat
The competition authority cleared the joint venture that will result in the incorporation of Spectrum Alabang Properties, Inc. In a Commission Decision issued last December 10, the PCC found the transaction to not likely result in substantial lessening of competition in the Grade-A office space and retail markets in the southern business district, given the sufficient number of other market players in and outside of Alabang area that compete with the parties.
Mitsubishi is set to acquire a 40% of the issued and outstanding shares of stock in Filinvest Alabang, as a way to develop and manage the latter’s 16,928-square meters of land. The property forms part of Filinvest City, a 244-hectare mixed-use estate in the Alabang.
Filinvest Alabang is a subsidiary of Filinvest Development Corporation (FDC), and was specifically incorporated to develop Filinvest City in a joint venture project with the Philippine government. The Alabang subsidiary of FDC is 80% owned by Filinvest Development Corp. and 20% owned by Filinvest Land, Inc.
Filinvest Development Corporation (FDC) is a conglomerate with interests in property, banking services, infrastructure, sugar and power.