Alphaland, Ashmore Group settle differences

By DANESSA O. RIVERA, GMA News

Published June 6, 2014 1:39pm

Alphaland Corp., the listed property developer of businessman and former Trade Minister Roberto V. Ongpin, has struck a deal to sell four assets to UK-based Ashmore Group, settling their differences over corporate matters.

In a disclosure to the Philippine Stock Exchange on Friday, Alphaland said it signed a definitive agreement with Alphaland Holdings (Singapore) Pte. and Masrickstar Corp., both owned by Ashmore Group .

"That's the deal, to settle the dispute with Ashmore group," a source familiar with the transaction said, but asked not to be named as the agreement was covered by a confidentiality clause.

Under the agreement, Alphaland will transfer the following assets and interest to a newly incorporated company owned by Ashmore:

100 percent of Alphaland Makati Tower Inc., which owns The Alphaland Tower along Ayala Avenue in Makati

100 percent each of Alpahaland Marina Club Inc. and Alphaland Marina Corp., which is developing Alphaland Marina & Country Club project at the Manila Bay reclamation area in Parañaque City

50 percent ownership of the Alphaland group in Alphaland Bay City Corp. – the joint venture with the Wenceslao group to develop the 32-hectare Alphaland Bay City project at Aseana Business Park, also in Parañaque

60 percent interest in Boracay Gateway project, the unincorporated joint venture between the company and Akean Resorts Corp. to develop a 500-hectare land in Caticlan in Malay and Nabas in Aklan

Alphaland Holdings and Masrickstar will transfer all their interest in Alphaland Corp. back to the company and pay P2.5 billion in cash in two tranches.

“As a result of these transactions, AH and MC will no longer be shareholders of the company and the company will no longer have any stake in the transferred interests,” the disclosure said.

Alphaland Corp. will remain majority-owned and controlled by shareholders led by Ongpin.

It will also keep the following assets: Alphaland Southgate Tower and Mall, Alphaland Makati Place – including The City Club – Alphaland Balesin Island Club, and Alphaland Baguio Mountain Lodge Homes. – VS, GMA News

Tags: alphaland, ashmore, alphalanddelisting, alphalandsharesale