Ayala Land, SM Prime, Ortigas groups settle feud over OCLP Holdings

The fight over ownership and management of OCLP Holdings Inc., involving Ayala Land, SM Prime and the Ortigas groups is over after the parties agreed to come to terms, the rivals said in separate disclosures Friday.

 

"Please be informed that today Ayala Land Inc. (ALI), SM Prime Holdings Inc. (SMPH), the Francisco Ortigas Group (FOG) and the Rafael Ortigas Group (ROG) have signed an agreement to cause the termination of all cases relating to the ownership and management of OCLP Holdings Inc., which owns Ortigas and Company Limited Partnership," the disclosures read. 

 

Ayala Land said the agreement establishes a partnership that will further enhance the properties in the Ortigas area, and create maximum value for various stakeholders.

 

Ayala Land and SM Prime will both have equity ownership in OCLP Holdings, Ayala Land president and CEO Bernard Vincent Dy told reporters in a separate briefing in Taguig City.

 

"All four parties decided to cooperate for the company to move forward. I think that's the positive move to... maximize the shareholder value," he said.

 

Ayala Land and SM Prime have been fighting over the land bank of OCLP Holdings, seeking partners from a split within the Ortigas family. SM Prime got the Francisco Group while Ayala Land got the Rafael Group.

 

Existing equity participation in OCLP Holdings will remain the same, with the Rafael-Ayala group owning 47 percent, the Francisco-SM group with 37 percent, the Catholic Church with 9 percent. The balance belongs to minority shareholders, Dy said.

 

OCLP Holdings board has nine seats, four of which are under the Rafael-Ayala group, four under the Francisco-SM group and one for the church, he added.

 

"OCLP Holdings will continue to run the company while the board will give guidance," he noted. – VS, GMA News