AYALA Land Inc. (ALI) said on Tuesday it had received approval from the Philippine Competition Commission (PCC) to buy out the stakes of Aboitiz Equity Ventures Inc. (AEV) and Aboitiz Land Inc. (AboitizLand) in a joint venture company, Cebu District Property Enterprise Inc. (CDPEI).
AYALA Land Inc. said on Tuesday it had received approval from the Philippine Competition Commission to buy out the stakes of Aboitiz Equity Ventures Inc. and Aboitiz Land Inc. in a joint venture company, Cebu District Property Enterprise Inc. .CDPEI was set up in 2014 to engage in real estate development, specifically to develop the proposed 17.5-hectare Gatewalk Central Superbloc mixed-use estate in Mandaue City, Cebu.
'This acquisition will consolidate ALI's ownership of CDPEI, the developer of Gatewalk Central. ALI envisions Gatewalk Central to be one of its key Cebu estates that will contribute to ALI's growing presence in the Visayas region,' the developer said.The buyout was approved by ALI's board of directors last April and involves 18.1 million shares priced at P100 apiece for an aggregate amount of P1.81 billion.
Land Takeover Of Joint Venture Okd
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