AYALA Land Inc. (ALI) has aborted its two-year planned acquisition of a 400-hectare Ternate, Cavite land within Boulevard Holdings Inc.'s (BHI) 3,000-hectare Puerto Azul resort development.
In a letter to the Philippine Stock Exchange, BHI Chairman and CEO Jose Marcel Panlilio said that ALI sent them letters on Tuesday canceling the purchase of the P2.3-billion Puerto Azul lot, citing multiple reasons for the cancellation.
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