Property giant Ayala Land Inc. (ALI) has offered to buy Anglo Philippine Holdings Corp.’s 15.79 percent stake in North Triangle Depot Commercial Corp. (NTDCC), owner and operator of TriNoma, for P1.26 billion.
Anglo said it has accepted ALI’s offer.
In a disclosure to the Philippine Stock Exchange, ALI said the transaction will increase its interest in NTDCC to 65.08 percent from 49.29 percent at present, which is in line with the property firm’s target to expand its leasing business.
The purchase is subject to the terms and conditions of the offer as well as the right of first refusal of NTDCC stockholders under the shareholder’s agreement.
ALI is on track to meet its 20-percent growth target for net profit and revenues for this year. The property firm posted net income of P10.8 billion in the first nine months of the year, up 25 percent from a year ago, while revenues went up 20 percent to P68.3 billion.
The Ayala Corp unit is involved in property development, commercial leasing, hotels and resorts, construction and property management of the Ayala Group. Ayala Land Premier is ALI’s developer for the high-end real estate market.
ALI is the property unit of conglomerate Ayala Corp., whose other units include Manila Water Co. Inc., Globe Telecom Inc., Integrated Microelectronics Inc., Bank of the Philippine Islands, and LiveIt Investments, among others.