Government-owned Land Bank of the Philippines seeks to acquire majority stake in Philippine Dealing System Holdings to increase profits while property giants Ayala Land and Eton Properties are co-investing P53 billion in a township project.
Landbank seeks to acquire majority stake in PDS Holdings
State-run lender Land Bank of the Philippines (Landbank) has expressed interest to acquire up to 66.67 percent in fixed-income bourse Philippine Dealing System Holdings Corp (PDS Holdings), according to an Inquirer report.
Landbank’s interest in PDS Holdings, where it currently owns 1.56 per cent, was evident in the letter forwarded by president and chief executive Alex V. Buenventura to the bank’s board of directors on 16 January.
Buenaventura recommended that Landbank acquire at least 66.67 percent of PDS Holdings, saying purchasing PDS shares could be a profitable investment for the lender.
The acquisition will increase Landbank’s profits and accelerate development of capital markets in the country, he said.
The Philippine Stock Exchange currently owns 61.03 percent in PDS Holdings.
Ayala Land, Eton Properties team up in $1 billion township investment
Listed property giant Ayala Land Inc (ALI) and Eton Properties Philippines Inc (EPPI) of tycoon Lucio Tan have formed a 50-50 joint venture to develop a township with P53 billion ($1 billion) worth of investment.
The project covers a 35-hectare estate in the cities of Quezon and Pasig. To be named ParkLinks, the township is envisioned to be the “greenest urban estate” that offers residential, office, and commercial spaces.
ALI and EPPI formed ALI Eton Property Development Corp, a 50-50 joint venture, to develop the first phase of the project.