AEV completes Aboitiz Land acquisition


Posted at Nov 20 2012 09:11 AM | Updated as of Nov 20 2012 05:11 PM

MANILA, Philippines - Aboitiz Equity Ventures (AEV) on Tuesday completed its acquisition of 100% ownership of Aboitiz Land, Inc.

In a disclosure, the holding firm said the transaction was completed following the execution of the Share Purchase Agreement and the transfer documents.

AEV bought the Aboitiz Land shares from Aboitiz & Company, Inc. at P3.2 billion, the statement read.

AEV's board of directors in September approved the proposal to acquire a 100% stake in Aboitiz Land.

Aboitiz Land is the developer and operator of the Mactan Economic Zone II in Lapu Lapu City and the West Cebu Industrial Park in Balamban.