PCC approves Ayala Land-Central Azucarera deal

The Philippine Competition Commission (PCC) has approved the acquisition of land by Ayala Land Inc. from Central Azucarera de Tarlac.

According to a decision dated March 6, the antitrust watchdog gave Ayala Land’s acquisition the thumbs up. The transaction involves approximately 290 hectares of land in Barangay Central, San Miguel, Tarlac City.

“The acquisition by Ayala Land Inc. of assets of Central Azucarera de Tarlac does not result in a substantial lessening of competition, considering that the parties are not operating in the same relevant geographic market,” the decision read.

Central Azucarera is an integrated sugar procession manufacturing facility for sugar and by-products in Barrio San Miguel.

It also owns a 100-percent stake in Luisita Land Corporation, a domestic corporation primarily engaged in developing, leasing, and selling real properties in Tarlac.

Ayala Land is into planning and development of large-scale, integrated estates and sells residential lots and buildings, office buildings, and operation and management of hotels and resorts.

The decision was signed by PCC Chairman Arsenio Balisacan and Commissioners Johannes Benjamin Bernabe, Stella Luz Quimbo, and Amabelle Asuncion. —Jon Viktor Cabuenas/VDS, GMA News