MANILA, Philippines - Filinvest Land Inc. (FLI), the property development unit of the Gotianun family, has acquired full ownership of Cyberzone Properties Inc. (CPI) and Filinvest Africa-Israel Properties Inc. (FAPI) after buying out its partner Africa-Israel Properties (Phils.), a foreign investment firm, for P1.16 billion.
In a disclosure to the Philippine Stock Exchange, FLI said it has completed the acquisition of the 40 percent interest of Africa-Israel Properties in CPI as well as the 40 percent stake in FAPI for P780 million and P383.2 million, respectively.
FLI said the acquisition price was computed at the company’s book value per share while the CPI share price was computed at a premium of 8.79 percent over the company’s book value as of Sept. 30 last year.
CPI owns and operates the BPO offices in Northgate Cyberzone in Alabang, Muntinlupa while FAPI is developing the Timberland Sports and Nature Club and approximately 50 hectares of land comprising Phase 2 of FLI’s Timberland Heights township project in San Mateo, Rizal.
FLI said the acquisition will enable the company to consolidate its share in the strong and stable recurring revenue streams from the two companies as well as provide incremental development potential to FLI’s existing revenue streams.
On the other hand, the sale by Africa-Israel of its interests in the two companies is part of the group’s global portfolio rebalancing and consolidation activity.