MANILA, Philippines - Ayala Land Inc. is looking to buy out the stake of the Ramos family’s investment holding firm in North Triangle Depot Commercial Corp. (NTDCC), owner and operator of the Trinoma commercial center in Quezon City for P1.26 billion.
In a disclosure to the Philippine Stock Exchange, the property unit of the Ayala conglomerate said it has made an offer to purchase the 15.79-percent stake of Anglo Philippine Holdings Corp. in NTDCC.
ALI currently owns 49.29 percent of NTDCC’s total outstanding capital stock and is set to scale up its shareholdings in the firm to 65.08 percent upon the completion of the deal.
“The acquisition is aligned with ALI’s thrust of expanding its leasing business,” the property giant said.
Anglo Holdings, in separate disclosure to the local bourse, said its board has approved the resolutions to accept ALI’s offer subject to certain conditions.
“The company received and accepted a formal offer from ALI to purchase the company’s 15.79-percent equity interest in NTDCC at an offer price of about P1.26 billion, subject to the terms of the offer and the right of first refusal of other shareholders of NTDCC,” Anglo Holdings said.
Anglo Holdings is led by Alfredo Ramos, owner of National Book Store Inc., the country’s largest bookstore chain.
The firm already divested last year its minority interest or 4.5-percent ownership in real estate firm Shang Properties Inc. through a special block sale.
With its NTDCC stake also likely to be sold, Anglo Holdings’ remaining investments will be in United Paragon Mining Corp., Atlas Consolidated Mining & Development Corp., The Philodrill Corp., MRT Development Corp., MRT Holdings Inc., Brightnote Asset Corp. and Filipinas Energy Corp.
Aside from Trinoma, ALI is behind chain of large shopping malls such as Greenbelt, Glorietta, Alabang Town Center and Market Market.sac