MANILA - The Philippine Competition Commission said Tuesday it has approved the joint venture by Rockwell Land Corp, TGN Realty Corp, NepWell Property Management Inc and siblings Hilda Aurora, Patrick Adrian and Theresa Gracia Valdes.
It involves the development through a joint venture of a 36,489-square meter mixed used property in Angeles, Pampanga, the PCC said in a statement.
"In its Commission Decision released today, the Mergers and Acquisitions Office (MAO) of the PCC found that since the transaction is a joint venture formed purely for the construction and development of a residential and/or commercial real estate development, it does not result in substantial lessening of competition in real estate market in Pampanga or nationwide," the antitrust watchdog said.
Rockwell is engaged in real estate, among others, TGN is owned by the Nepomuceno Business Group and NepWell is under J Ten Equities, Inc where the Valdes siblings are among the minority shareholders, the PCC said.
The PCC's mandate includes the review of mergers and acquisitions to ensure that deals will not harm the interest of consumers, it said.
To date, the PCC has reviewed 219 notifications, prohibited 1 merger and approved 206 mergers and acquisitions.