ALI earlier informed the stock exchange that it has entered into an agreement with POPI, to subscribe to 2.5 billion common shares of stock in POPI, which translates in to 51.36 per cent stake, for a total consideration of P5.6 billion, subject to certain terms and conditions.
POPI has diversified interests in industries such as non-life insurance, real estate and property management, manufacturing, distribution, land title services, including information technology consulting services.
POPI owns the retail complex Tutuban Center in Manila through its wholly owned subsidiary Tutuban Properties Inc. It has a gross leasable area of about 60,000 square meters.
It also currently holds interests in other local companies such as Lepanto Ceramics Inc, FLT Prime Insurance Corporation, OMI Land Title Services, Orion Property Development Inc, IT company Orion Solutions Inc, and Orion Maxis Inc (which serves as sales and marketing affiliate for the distribution of Lepanto Tiles by Lepanto Ceramics).
“This acquisition is aligned with ALI’s thrust of expanding its leasing business,” said ALI senior vice president chief finance officer and compliance officer Jaime Ysmael.
“We shall provide updates to the Exchange, of developments on these matters, as and when additional details become available,” Ysmael added.
Both POPI and ALI’s shares went down on Friday closing at P2.26 and P37.50, respectively.
POPI’s last trading price decreased by 2.59 per cent or P0.060 while ALI’s was down by 1.32 per cent or P0.50.