Alcantara Group considers AboitizLand's offer for Lima Land

The Alcantara Group is "considering" AboitizLand Inc.'s offer to acquire a majority stake in Lima Land Inc. as it looks at divesting from its portfolio investment to focus on power projects.                                                                            

"We are more focused on power, that's why we are considering AboitizLand's offer...We are studying the offer. This is still subject to due diligence," Alsons Consolidated Resources Inc. chief financial officer Luis Ymson told GMA News Online.

"The 485-hectare Lima Land Technology Center has a very good potential. About 50 hectares remain undeveloped," he added.

Lima Land is a 40-60 percent joint venture of Marubeni Corporation of Japan and Alsons Land, the property development arm of listed Alsons Consolidated. It owns the Lima Technology Center located in Malvar, Batangas and Lipa City.

On Tuesday, Aboitiz Equity Ventures Inc. (AEV) disclosed that its property unit AboitizLand Inc. eyes a 60-percent stake in Alcantara Group's Lima Land, Inc., which is subject to the requisite due diligence review and the completion of a definitive share purchase agreement.

In a statement Thursday, AboitizLand president and chief executive officer Andoni Aboitiz described the offer as an exciting opportunity to expand the existing industrial, residential and commercial development portfolio of AEV.

“AboitizLand has over 20 years of experience in developing and managing industrial zones in Cebu and we hope to bring  our expertise to Luzon.  Establishing our presence in the CALABARZON area is a key strategic step in growing the industrial business of AboitizLand,” he said.

In November 2012, AEV bought affiliate AboitizLand from Aboitiz & Company Inc. for P3.2 billion to expand its earning capacity in business sectors that have scale.

Aboitiz Land is currently developing and operating two economic zones: Mactan Economic Zone II and West Cebu Industrial Park in Balamban.

Incorporated on December 24, 1974 as Victoria Gold Mining Corporation, Alsons Consolidated Resources is the listed arm of the Alcantara Group, with interests in energy and power, property development, mining and product distribution business. — BM, GMA News