Property giant Ayala Land Inc. (ALI) has further increased its stake in North Triangle Depot Commercial Corp. (NTDCC), owner of TriNoma mall, after acquiring the remaining stakes of two other shareholders as part of plans to boost its recurring income.
In a disclosure to the stock exchange, ALI said it bought the remaining 167,548 common shares and 703,904 preferred shares held by Allante Realty and Development Corp. and DBH Inc. in NTDCC.
The transaction was valued at P229 million, accounting for less than 3 percent of NTDCC.
ALI now holds a 73.24 percent majority controlling interest in NTDCC, up from 70.36 percent after it acquired the remaining shares held by Anglo Philippine Holdings Corp. in the mall developer.
“The acquisition is in line with our objective of increasing our recurring income. NTDCC will be our investment vehicle for TriNoma mall,” Jaime Ysmael, ALI senior vice president and chief financial officer, said.
“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 2014 net profit and revenues.
In the first nine months of last year, the property firm recorded a net income of P10.8 billion, an increase of 25 percent from the same period a year earlier, while its revenues rose 20 percent to P68.3 billion.
ALI is involved in property development, commercial leasing, hotels and resorts, construction and property management for the Ayala Group.
It is the property unit of conglomerate Ayala Corp., whose other units include Manila Water Company Inc., Globe Telecom Inc., Integrated Microelectronics Inc., Bank of the Philippine Islands, and LiveIt Investments, among others.