Metro Pacific Investments Corporation has acquired full ownership of affiliate Landco Pacific Corporation, a real estate developer, through the conversion of receivables worth P429.33 million into equity.
In a disclosure to the Philippine Stock Exchange, MPIC said it has entered into deeds of absolute sale of shares with AB Holdings Corporation (ABHC) and certain individuals for the acquisition of a total of 61.9 percent of the capital stock of Landco.
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Landco is a pioneer upscale real estate developer in the Philippines. MPIC previously held a 38.1 percent ownership interest in Landco and, as a result of the transaction, Landco is now a wholly-owned subsidiary of MPIC.
MPIC entered into deeds of absolute sale of shares for the acquisition of a total of 6.35 million common shares of Landco, of which 6.25 million shares were from ABHC and 102.62 million from individual shareholders, at approximately P67.56 per share.
The total consideration for the acquisition is P429.33 million which shall be offset against the existing receivables of MPIC.
“The transaction is expected to strengthen the balance sheet of MPIC. In addition, the transaction is expected to expand MPIC’s footprint in the real estate business,” MPIC said.
Landco recently launched two leisure tourism estates in Batangas that are expected to generate up to P6.2 billion in sales.
The firm has introduced Club Laiya Seaside and Calatagan South Beach (CaSoBē) in Batangas -- its newest Leisure Tourism Estates (LTE)that are master-planned developments offering mixed-use residential and commercial lots situated in tourist destinations.
Landco President and CEO Erickson Y. Manzano said Club Laiya Seaside has a sales value of P2.9 billion while CaSoBe has a total sales value of P3.3 billion.
The 24-hectare Club Laiya is located in Laiya, San Juan Batangas. It is a master planned estate that features leisure living in a resort community highlighting wide open spaces and beautiful promenades, with parks and retail landscapes.
Located in Calatagan, Batangas is the 15-hectare CaSoBē which offers a more laidback resort lifestyle in an intimate setting and complements the rich heritage of its location by providing relaxation and entertainment attractions that are already operational or soon to be operational to serve the residents and the tourist market.
“With a legacy of premium and exclusive property development for more than 30 years, Landco revolutionizes the concept of property ownership for Filipinos with its newest beach side projects,” Manzano said.
He added that, “These LTE serve as tourism and lifestyle destinations in a community setting. Its diverse resort amenities make it an attractive weekend getaway, work from a resort option and a venue for events and conferences.” Manzano noted that, “Investors have the flexibility to own premium properties that can serve as residential homes either as a dream beach house or second home, or commercial structure for a resort business, or a blend of both in the thriving destination of Batangas.”