Aboitiz Equity buys land developer affiliate for P3.2B

The Aboitiz family’s management holdings company on Friday said it bought its property developer affiliate for P3.2 billion.   “The Board of Directors of Aboitiz Equity Ventures Inc. (AEV) approved the proposal to acquire 100-percent ownership of… Aboitiz Land Inc. (AboitizLand),” AEV said in a disclosure to the Philippine Stock Exchange.   The transaction will be completed within two months “upon the execution of the requisite share purchase agreement and other collateral contracts,” Cebu-based AEV said.   In a separate emailed statement Friday, AEV president and CEO Erramon Aboitiz said, “We are looking at expanding AEV’s earning capacity in business sectors that have scale, amid a growing domestic economy and Filipinos' improved earning capacity.”      AEV is the public holding and management company of the Aboitiz Group of Companies, according to the PSE website. Aboitiz Land is a wholly owned subsidiary of Aboitiz & Company Inc.   Aboitiz Land is currently developing and operating two economic zones –  Mactan Economic Zone II and West Cebu Industrial Park in Balamban.   The listed Aboitiz Ventures has a market capitalization of P269.743 billion and a 44 percent public float level. Its shares were last traded at P48.85 each. — MJC/VS, GMA News