Publicly-listed sugar and real estate firm Central Azucarera de Tarlac Inc. (CAT) reported that its wholly-owned subsidiary Luisita Land Corporation is selling a 200-hectare property to Lima Land of the the Aboitiz Group.
In a disclosure to the Philippine Stock Exchange (PSE), the CAT said its Board of Directors has approved the proposed sale last Oct. 10, 2023. The company did not disclose any amount involved in the sale.
Luisita Land was incorporated and registered with the Securities and Exchange Commission (SEC) on May 11, 1977, primarily for developing, leasing, and selling real properties.
The firm is selling, subject to closing conditions, a 200-hectare property situated in Tarlac City to Lima Land Inc.
“The sale is still subject to certain closing conditions which have yet to be fulfilled/satisfied. Moreover, the parties are still discussing and finalizing some proposed transaction terms,” CAT said.
CAT was incorporated on June 19, 1927 to operate as an integrated manufacturing facility that processes sugar and all its by-products.
Its business and facilities include the sugar milling and refinery, distillery and carbon dioxide plants located in Barrio San Miguel, Tarlac City.
The sugar cane supply is sourced predominantly from the Tarlac district and a few in the nearby towns of Pampanga.
CAT's main products are raw and refined sugar, with the mill and refinery process also producing molasses as a by-product.
The combined captive molasses are further processed in the distillery to produce alcohol. The various types of alcohol regularly produced and sold are rectified spirits (purified alcohol), absolute alcohol and denatured alcohol.
The slops from the distillery are also captured by the carbon dioxide plant to produce liquid carbon dioxide also in tandem with the distillery.
Luisita Land is a domestic corporation engaged in developing, leasing, and selling real properties and other ancillary services.
CAT, thru Luisita Land, provides property management, water distribution, and wastewater treatment series to locators of Luisita Industrial Park and residents of Las Haciendas de Luisita.