Antitrust body OKs Rockwell Land, Carmelray joint venture

ABS-CBN News

Posted at Oct 02 2018 12:41 PM | Updated as of Oct 02 2018 04:28 PM

MANILA - Property firm Rockwell Land Corp on Tuesday said the Philippine Competition Commission (PCC) has approved its joint venture with Carmelray Property Holdings (CPHI).

The joint venture will develop a 63-hectare mixed-used project in Canlubang, Laguna, Rockwell told the stock exchange.

In its decision, the PCC said the transaction does not result in substantial lessening of competition in the relevant market of luxury residential developments in Region IV.

Rockwell will invest an initial P450 million worth of CPHI common and preferred shares equivalent to 14.7 percent ownership, it said.