CEBU, Philippines - Aboitiz Land, Inc. (AboitizLand), the real estate arm of conglomerate Aboitiz Equity Ventures, Inc. (AEV), has offered to purchase 60% of LiMA Land, Inc. (LLI), a subsidiary of Alsons Land Corporation (ALC). The offer to purchase is subject to the requisite due diligence review and the completion of a definitive share purchase agreement.
LLI, a Luzon-based joint venture of ALC and Marubeni Corporation of Japan, is the developer of the 485-hectare LiMA Technology Center, a PEZA-registered economic zone in the Lipa-Malvar area of Batangas, at the heart of the CALABARZON region (Cavite, Laguna, Batangas, Rizal, Quezon).
Andoni Aboitiz, President and Chief Executive Officer of AboitizLand, described the offer as an exciting opportunity to expand the existing industrial, residential and commercial development portfolio of AEV. Aboitiz said, “AboitizLand has over 20 years of experience in developing and managing industrial zones in Cebu and we hope to bring our expertise to Luzon. Establishing our presence in the CALABARZON area is a key strategic step in growing the industrial business of AboitizLand.†(PR)
AboitizLand currently manages Mactan Economic Zone II (MEZII), which caters to light to medium export industries at Mactan, Lapu-Lapu City, and West Cebu Industrial Park (WCIP), a 202-hectare industrial development in Balamban, Cebu which caters to medium to heavy industries such as shipbuilding and ship recycling facilities, iron and steel manufacturing plants, and allied activities. WCIP is the initial project of Cebu Industrial Park Developers, Inc. (CIPDI), a joint venture between the Aboitiz Group through AboitizLand and Tsuneishi Holdings, Inc. of Japan. (FREEMAN)