A unit of power-based conglomerate Aboitiz Equity Ventures Inc. (AEV) has acquired the entire stake of Marubeni Corp. in Lima Land Inc. (LLI).
A disclosure to the Philippine Stock Exchange on Friday showed that Aboitiz Land Inc., the property arm of AEV, has acquired Maru–beni’s 40-percent stake in LLI.
AboitizLand acquired the remaining 360 million common shares in LLI from Marubeni, which brings the land firm’s ownership in LLI to 100 percent. LLI is the owner and operator of LiMA Technology Center in Batangas province.
In October last year, AboitizLand bought out the majority stake of LLI from the Alcantara Group for P1.36 billion. AEV said the purchase price includes LLI’s interests in its wholly owned subsidiaries, Lima Utilities Corp. and Lima Water Corp.
AboitizLand is the developer and operator of two economic zones: the Mactan Economic Zone II in Barangay Mactan, Lapu Lapu City; and the West Cebu Industrial Park in Balamban, Cebu, through its subsidiary, Cebu Industrial Park Developers Inc.