MANILA - The Philippine Competition Commission said Wednesday it has cleared the proposed acquisition by Century Properties Group Inc of voting shares in subsidiary Century City Development II Corp.
The transaction involves the CPGI's acquisition of 40 percent common shares in Century Development II, currently held by FMT Kalayaan Inc, the PCC said in a statement.
"According to the Mergers and Acquisitions Office (MAO), the proposed transaction is unlikely to give rise to competition concerns since it will not alter the current structure of the office leasing market, and there remains sufficient competitive constraints from other market participants in Makati and Bonifacio Global City post-transaction," the agency said.
Century Properties, Inc has interests in real estate development, property management services, asset management services, marketing and promotion of service, and hospitality and leisure.
The PCC, which recently resumed notification reviews, has also approved the acquisition of the Lim group of shares in BDO Leasing and Finance Inc.