Ayala Land acquires 51% stake in PH conglomerate POPI for $121m

Visual from POPI website, August 2015

Ayala Land Inc (ALI) plans to secure a controlling stake in diversified conglomerate Prime Orion Philippines Inc (POPI) for $121 million (P5.6 billion).

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.

Also read: SSI Group acquires Landmark, enters travel retail business in PH

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.

Also read:

GT Capital buys 22.68% stake in PCFI for $158m

Ayala secures $86.9m bid for ITS-South terminal project in PH

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.