Listed property developer Ayala Land Inc. (ALI) has further increased its stake in the developer of upscale TriNoma mall after acquiring the remaining stake of Anglo Philippine Holdings Corp. to boost its recurring income portfolio.
In a disclosure to the stock exchange, Anglo said it sold its remaining shareholdings in North Triangle Depot Commercial Corp. (NTDCC) to ALI for P523 million.
The transaction involved 382,072 common shares and 1.6 million preferred shares, or more than 8 percent of NTDCC.
Following the acquisition, ALI now holds more than 70 percent controlling interests in NTDCC from 63.82 percent previously.
“The acquisition is in line with our objective of increasing our recurring income.
After the acquisition of Anglo shares, we now own an effective interest of 70 percent of NTDCC, our investment vehicle for TriNoma mall,” Jaime Ysmael, ALI senior vice president and chief financial officer, said in a text message.
“We remain open to increasing our stake in the company to further support our expansion plans,” he added.
ALI said it is on track to meet its 20 percent growth target for net profit and revenues for 2014.
For the first nine months of last year, the property firm grew its net income to P10.8 billion, up 25 percent from the previous year, while revenues went up 20 percent year-on-year to P68.3 billion.
ALI is involved in property development, commercial leasing, hotels and resorts, construction and property management of the Ayala Group.
It 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.