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Manila Bulletin devider Business devider The Stock Market devider PCC approves Ayala's buyout of Aboitiz stake in Cebu JV

PCC approves Ayala's buyout of Aboitiz stake in Cebu JV

Published Nov 5, 2024 01:25 am

The Philippine Competition Commission has approved the buyout by Ayala Land, Inc. (ALI) of Aboitiz Group’s 50 percent stake in their joint venture, Cebu District Property Enterprise Inc. (CDPEI), for P1.81 billion. 

In a disclosure to the Philippine Stock Exchange, Aboitiz Equity Ventures Inc. and Aboitiz Land, Inc. said they have received approval from the PCC to proceed with the sale of their respective shares in CDPEI to ALI.

ALI, AEV and AboitizLand had entered into a share sale and purchase agreement last June 14 for the acquisition of 18.1 million CDPEI shares, consisting of 1.81 million common shares owned by Aboitiz Land and 16.29 million Series "A" preferred shares owned by AEV, at P10 per share which is the agreed valuation after the due diligence review.

AEV said the deal was approved by its board of directors on February 29, 2024, while ALI’s board approved it on April 25, 2024. The execution of the Deed of Assignment of Shares will be done upon fulfillment of customary conditions precedent.

The P1.81 billion will be paid in cash in tranches after customary conditions precedent, including the necessary regulatory approvals from the Securities and Exchange Commission on CDPEI’s increase in authorized capital stock and the PCC.

This acquisition will allow ALI to consolidate its ownership of CDPEI, the developer of Gatewalk Central in Mandaue City, Cebu. ALI envisions Gatewalk Central to be one of its key Cebu estates that will contribute to ALI’s growing presence in the Visayas region.

CDPEI was incorporated by ALI, AboitizLand, and AEV in 2014 to engage in the business of real estate development. It is the developer of Gatewalk Central, a 17.5-ha. mixed-use estate in Mandaue City, Cebu.

AEV said, “The transaction is aligned with the Company’s strategy to optimize resource allocation and focus on specific segments of the real estate industry.”

Located in Subangdaku, Mandaue City, Gatewalk Central is envisioned to be the dynamic center of the city. It is easily accessible via three national roads—Lopez Jaena St., M. Logarta St., and Ouano Avenue.

The 17.5-hectare estate features office buildings, a range of residential options, family-friendly parks, refreshing retail selections, and an Ayala Mall. 

These components will be seamlessly anchored along the development’s main feature—a 30-meter wide pedestrian-only street that runs through the entire estate. 

This tree-lined street takes visitors through various districts within Gatewalk Central, each having its own distinct character and experience from intimate leisure areas to a grand plaza.
 

Related Tags

Aboitiz Equity Ventures Ayala Land Inc. Aboitiz Land
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