MANILA, Philippines - Aboitiz Land, the real estate arm of the Aboitiz group, has acquired a majority stake in the operator of LiMA Technology center, a 485-hectare industrial park in Lipa-Malvar, Batangas.
In a statement, AboitizLand said it signed a share purchase agreement with Alsons Land Corporation (ALC) to acquire the latter's 60% interest in Lima Land Inc. for P1.36 billion.
The price includes LLI's interest in wholly-owned subsidiaries, Lima Utilities Corporation and Lima Water Corporation. The deal is expected to close within 30 days.
LiMA Technology Center currently hosts 37 locators who employ over 24,000 employees. The remaining 40% equity stake in LLI is held by Japan's Marubeni Corp.
Locators at the PEZA-registered industrial park include manufacturers of automobile components, motorcycles, printers, plastic moldings and LCD projectors.
Alsons Land said it divested its stake in LLI, as part of Alsons Consolidated's strategy to focus on power generation business.
AboitizLand is the developer and operator of two economic zones in Cebu -- the Mactan Economic Zone II in Barangay Mactan, Lapu Lapu City, and the West Cebu
Industrial Park in Balamban, through its subsidiary, Cebu Industrial Park Developers.