Ayalas raise stake in Tutuban mall developer via P3B share swap
Property giant Ayala Land Inc. is swapping its 75 percent stake in Laguna Technopark Inc. for additional shares in Prime Orion Philippines Inc. (POPI).
POPI will issue 1.22 billion common shares worth P3 billion in exchange for 30,186 LTI common shares. This will boost ALI?s direct ownership in POPI to 63.9 percent from 54.91 percent.
ALI intends to reposition POPI to be a leading real estate logistics and industrial estate developer in the country.
LTI is a prime developer of industrial parks in the Philippines. It owns and manages the 460-hectare Laguna Technopark which spans portions of the cities of Santa Rosa and Binan in the province and the 118 hectare Cavite Technopark in the municipality of Naic.
Located in the CALABARZON region, LTI?s industrial parks have served as preferred locations of local and foreign manufacturing, processing logistics and distribution companies in the Philippines.
The transaction is expected t o be consummated next month.