Avida Land gets common stocks of logistics firm

From Manila Standard

Avida Land Corp. acquired shares of Ayala Land Logistics Holdings Corp., the logistics unit of Ayala Land Inc.,  from Orion Land Inc. for P628.06 million.

Ayala Land said in a disclosure to the Philippine Stock Exchange that Avida Land bought 215,090,031 common shares of ALLHC from affiliate Orion Land through a special block sale.

Orion Land will subscribe to an additional 49,444,216 ALLHC shares. Once the shares have been listed, Orion Land will transfer them to Avida Land.

ALLHC has interests in real estate and property development, leasing of warehouses and retail electricity supply. Its subsidiaries include Orion Land, Orion Property Development Inc., LCI Commercial Ventures Inc., Laguna Technopark Inc. and Ecozone Power Management Inc.

Orion Land wholly-owns Tutuban Properties Inc., which holds the lease and development rights over Tutuban Center in downtown Divisoria.

The company currently has three industrial parks—the 224 hectare Laguna Technopark, the 154-hectare Cavite Technopark and the 105-hectare Laguindingan Technopark in Misamis Oriental province.

The Laguindingan Technopark is strategically located beside the Laguindingan airport and nearby seaports, providing efficiency and better economic opportunities  for future locator-companies. It is also envisioned to be a new logistics hub in northern Mindanao. — Darwin G. Amojelar