Listed firm Anglo Philippine Holdings Corp. has bought property firm Tipo Valley Realty Inc. (TVRI) in a bid to enter the industrial property development arena.
TVRI owns about 201 hectares or 240 parcels of land in various parts of Bataan, adjacent to the Subic Bay Freeport Zone.
The land parcels are located at barangays Mabiga and Sacrifice Valley of the Hermosa municipality of Bataan.
In a disclosure to the Philippine Stock Exchange on Monday, Anglo said its board of directors signed a share purchase agreement on December 15 to acquire 97.59 percent of TVRI for P299 million in cash.
The transaction involved buying 2.290 million shares of TVRI, priced at P130.59 per share.
“The company intends to develop the TVRI properties as a Special Economic Zone as part of its property development initiatives,” Anglo said. “The revenues to be possibly generated from the general operation, lease and use of the special economic zone will have a significant positive impact on the future prospects of the company. Moreover, the acquisition will establish the presence of the company in the property development sector and create a more balanced and diversified investment portfolio.”
The transaction, however, is still subject to due diligence and appraisals, as well as securing approvals from government bodies, such as the Department of Agrarian Reform, Department of Environment and Natural Resources, and the Philippine Economic Zone Authority.
Anglo serves as the umbrella company for the Ramoses’ businesses in mining (United Paragon Mining Corp. and Atlas Consolidated Mining & Development Corp.); oil exploration (The Philodrill Corp.); and property and infrastructure development (MRT Development Corp., and MRT Holdings Inc.). It also has minority interests in Brightnote Asset Corp. and Filipinas Energy Corp.
It previously held 70 percent of TriNoma developer North Triangle Depot Commercial Corp. before it sold all the shares to Ayala Land Inc. last February.
Aside from Anglo, the Ramos family also owns Vulcan Industrial & Mining Corp., which is seen as the potential backdoor firm of National Bookstore.