MANILA, Philippines - Aboitiz Land Inc., the property unit of holding firm Aboitiz Equity Ventures Inc., has acquired full ownership of Lima Land Inc. after buying out Marubeni Corp.’s 40-percent stake in the Batangas-based company.
The deal involved the purchase of 360 million common shares in Lima Land at an undisclosed price, bringing Aboitiz Land’s total ownership to 100 percent.
Lima Land is the owner and operator of the 485-hectare Lima Technology Center, a PEZA-registered industrial park in Lipa, Malvar in Batangas.
The transaction follows the company’s purchase of Alsons land Corp.’s 60-percent interest in Lima Land last October for P1.36 billion.
Among Lima Land’s locators include makers of automobile components and motorcycles, printers, plastic moldings and LCD projects.
Aboitiz Land is the developer and operator of the Mactan Economic Zone II in Barangay Mactan, Lapu Lapu City and the West Cebu Industrial Park in Balamban, Cebu through unit Cebu Industrial Park Developers Inc.
The acquisition is in line with Aboitiz Land’s strategy to beef up its presence and shore up its contribution to AEV’s total income.