AB Holdings may soon fully own Landco Pacific

MANILA, Philippines - Landco Pacific Corp., a high-end property developer, will soon be fully owned by AB Holdings Inc., its minority shareholder. AB Holdings – which owns 49 percent of Landco – made this announcement as a senior executive said that it is “currently in talks" to finalize the payment scheme for the 51 percent being held by Metro Pacific Investment Corp. (MPIC). The transaction will allow MPIC to leave its real estate business, helping it focus on infrastructure, utilities, and health care. AB Holdings was given the option to acquire MPIC’s stake “because it has succeeded in creating a niche market and establish a good brand name in the property sector," MPIC chairman Manuel V. Pangilinan said. AB Holdings refused to disclose an estimate for its acquisition, asserting that the final figure will be released by end-January. Besides its mall developments in Lucena, Legazpi, and Cabanatuan, Landco is known for its high-end leisure and residential real-estate properties in Southern Luzon, among other areas. “We are confident of Landco's viability," said Alfred Xerez-Burgos III, Landco senior vice president. “Our various prospects, including our joint ventures with MPIC, will continue as planned. We will not be deterred from providing our customers with quality products and services," From January to September last year, Landco’s sales surged by 60 percent to P3.82 billion from P 2.39 billion the previous year as it launched new projects such as its Urban Community Tribeca Private Residences, among others. - GMANews.TV