Ayala Land to buy 51% stake in Prime Orion for P5.6B

Ayala Land Inc. (ALI) is acquiring a 51.36-percent interest in holding firm Prime Orion Philippines Inc., a deal both companies agreed to on Friday.

 

The transaction covers some 2.5 billion common shares of Prime Orion for P5.6 billion, Ayala Land noted in a disclosure to the Philippine Stock Exchange. 

 

Prime Orion is a holding company which owns the Tutuban Center in Manila through its wholly-owned subsidiary Tutuban Properties Inc.

In a separate filing, Prime Orion said its board of directors on Friday approved the amendment of its articles of incorporation to increase the number of directors from seven to nine and increase the company's authorized capital stock from P2.4 billion to P7.5 billion.

"For this purpose, the board shall call a special stockholders’ meeting to secure the approval of its stockholders on the proposed amendments," Prime Orinion said. 

 

The retail complex Tutuban Center has a gross leasable area of about 60,000 square meters.

 

“The acquisition is aligned with ALI’s thrust of expanding its leasing business,” ayala Land Senior Vice President Jaime E. Ysmael said. – Jon Viktor Cabuenas/VS, GMA News