By Tomas S. Noda III
The collaboration among the three groups is expected to bring together strengths in design, building construction, project management and expertise in the Philippine property sector.
Japan’s Ocean Capital Inc also joined the round.
The goal is to focus on Phoenix Petroleum’s core business and use some of the proceeds to pay existing debts.
The deal follows Ayala’s investment in ePharmacy startup Wellbridge Health.
Philippines: Ayala Land raising $596m; Threshold of M&A deals maintained at $19.9m
Cebu plans to use the proceeds to expand in key cities.
Ayannah had raised $1m Series A in 2015 from 500 Startups & Life.SREDA
The deal is meant to accelerate financial inclusion and upgrade payment services in the Philippines.
Both will explore business opportunities in sustainable F&B products.
His offer rivals a bid from a group led by billionaire Henry Sy.