ALI absorbs Cebu units


    Ay ala Land Inc. is absorbing units Cebu Holdings Inc. (CHI), Asian I-Office Properties Inc. (AiO), Arca South Commercial Ventures Corp. (ASCVC), and Central Block Developers Inc. (CBDI).

    AiO, ASCVC and CBDI are CHI subsidiaries.

    Subject to regulatory approval, Ayala Land will be absorbing the units through a share-swap deal where it will issue 0.19 common share for every one CHI share for a total consideration of 409.78 million common shares.

    The valuation was based on the the net asset values of the companies involve in the merger, CHI said.

    CHI said the merger “is an internal restructuring as well as a consolidation of Ayala Land’s Cebu portfolio under one listed entity.”

    “The merger is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies,” it said.