Ayala Land buys out Anglo from Trinoma operations for P523M

Property developer Ayala Land Inc. now owns a majority of the operator of Trinoma mall in Quezon City after buying out partner Anglo Philippine Holdings Corp. for P523 million.

 

In a disclosure to the Philippine Stock Exchange Friday, Anglo said it sold all its remaining shares in North Triangle Depot Commercial Corp. (NTDCC) to Ayala Land.

 

The sale comprises 382,072 common shares and 1,605,169 preferred shares, according to the disclosure.

The acquisition brings Ayala Land's ownership in NTDCC from 63.82 percent to 70.36 percent of the total outstanding capital stock of the mall operator, the company said in a separate disclosure.

 

Ayala Land now owns "an effective interest of 70 percent" in NTDCC, which is the property firm's investment vehicle for Trinoma mall, CFO Jaime Ysmael told GMA News Online via text message.

 

"The acquisition is in line with our objective of increasing our recurring income," he added.

 

In December 2014, Ayala Land raised its stake in NTDCC after Anglo accepted its offer of P1.26 billion. – VS, GMA News