Filinvest buys out foreign partners
02/09/2010 | 11:01 AM
Gotianun-led Filinvest Land, Inc. has completed a P1.163-billion buyout of a foreign investment firm's stake in two property projects.
The purchase, which was completed on Monday, brought Filinvest Land's stake in Cyberzone Properties, Inc. and Filinvest AII Phils., Inc. to 100 percent.
"Filinvest, Africa-Israel Properties (Phils.), Inc. and Africa-Israel Investments (Phils.), Inc. have officially completed Filinvest's acquisition of the 40-percent interest of Africa-Israel Properties in Cyberzone as well as the 40 percent interest of Africa-Israel Investments in Filinvest AII for P780 million and P383.2 million, respectively," the firm told the Philippine Stock Exchange.
Cyberzone owns and operates business process outsourcing offices in the 18.7-hectare Northgate Cyberzone in Alabang, Muntinlupa.
Filinvest AII is developing the Timberland Sports and Nature Club in Quezon City and about 50 hectares of land comprising the second phase of Filinvest Land's Timberland Heights township project in the municipality of San Mateo in Rizal.
"The sale by Africa-Israel of its interests in the two companies is part of the group's global portfolio rebalancing and consolidation activity," Filinvest Land said.
The acquisition will allow Filinvest Land to consolidate its share in the revenue streams from the two companies, the property firm said.
Shares of Filinvest Land, which sold P5 billion worth of retail bonds in November to fund various mass housing projects, were unchanged at 76 centavos apiece. — BusinessWorld
The purchase, which was completed on Monday, brought Filinvest Land's stake in Cyberzone Properties, Inc. and Filinvest AII Phils., Inc. to 100 percent.
"Filinvest, Africa-Israel Properties (Phils.), Inc. and Africa-Israel Investments (Phils.), Inc. have officially completed Filinvest's acquisition of the 40-percent interest of Africa-Israel Properties in Cyberzone as well as the 40 percent interest of Africa-Israel Investments in Filinvest AII for P780 million and P383.2 million, respectively," the firm told the Philippine Stock Exchange.
Cyberzone owns and operates business process outsourcing offices in the 18.7-hectare Northgate Cyberzone in Alabang, Muntinlupa.
Filinvest AII is developing the Timberland Sports and Nature Club in Quezon City and about 50 hectares of land comprising the second phase of Filinvest Land's Timberland Heights township project in the municipality of San Mateo in Rizal.
"The sale by Africa-Israel of its interests in the two companies is part of the group's global portfolio rebalancing and consolidation activity," Filinvest Land said.
The acquisition will allow Filinvest Land to consolidate its share in the revenue streams from the two companies, the property firm said.
Shares of Filinvest Land, which sold P5 billion worth of retail bonds in November to fund various mass housing projects, were unchanged at 76 centavos apiece. — BusinessWorld
