Ayala Land, Inc. signed a letter of intent to acquire remaining 50% stake in Cebu District Property Enterprise, Inc from AboitizLand, Inc. and Aboitiz Equity Ventures, Inc. for PHP 1.81 billion.
June 17, 2024
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Ayala Land, Inc. (PSE:ALI) signed a letter of intent to acquire remaining 50% stake in Cebu District Property Enterprise, Inc from AboitizLand, Inc. and Aboitiz Equity Ventures, Inc. (PSE:AEV) for PHP 1.81 billion on April 25, 2024. The Execution of the Deed of Assignment of Shares was executed on June 14, 2024. A cash consideration of PHP 1.81 billion valued at PHP 100 per share will be paid by Ayala Land, Inc. As part of consideration, PHP 1.81 billion is paid towards common equity of Cebu District Property Enterprise, Inc. Upon completion, Ayala Land, Inc. will own 100% stake in Cebu District Property Enterprise, Inc.
The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer board, consummation of due diligence investigation and subject to the approval of Philippine Competition Commission. The deal has been approved by the board of Ayala Land on April 25, 2024.
Aboitiz Equity Ventures, Inc. is a holding and management company. The Company and its subsidiaries are engaged in various business activities mainly in the Philippines, including power generation, retail electricity supply and power distribution, food manufacturing, banking and financial services, real estate development, and infrastructure. Its segments include power segment, which is engaged in power generation and sale of electricity; financial services segment, which is engaged in banking and money remittance operations; food manufacturing segment, which is engaged in the production of flour and feeds and swine breeding; real estate segment, which is engaged in real property development for sale and lease; infrastructure segment, which is engaged in the production of cement and other building materials and in the supply of treated bulk water; and the parent company and others include the operations of the Company and the service provider subsidiaries that cater to the Group.
Ayala Land, Inc. signed a letter of intent to acquire remaining 50% stake in Cebu District Property Enterprise, Inc from AboitizLand, Inc. and Aboitiz Equity Ventures, Inc. for PHP 1.81 billion.
ABOITIZ EQUITY VENTURES, INC. 
