Ayala Land-Central Azucarera de Tarlac asset deal gets nod

By Kris Crismundo

March 8, 2018, 6:37 pm

MANILA -- The Philippine Competition Commission (PCC) has approved the transaction between Ayala Land, Inc. and Central Azucarera de Tarlac.

PCC Chairman Arsenio Balisacan said that the planned acquisition by Ayala Land of assets of Central Azucarera de Tarlac is one of the two latest merger and acquisition transactions notified to the PCC that was approved by the Commission. The other deal was in the healthcare sector.

Both transactions were approved last Tuesday.

With the go signal from the PCC, Ayala Land may proceed in the acquisition of the 290-hectare land owned by Central Azucarera de Tarlac. The property is located in Barangay Central, San Miguel, Tarlac City, Tarlac.

“The parties are not operating in the same geographic market,” the Commission’s ruling said.

Central Azucarera de Tarlac operates an integrated manufacturing facility processing sugar and its all by-products.

According to the Philippine Stock Exchange, the company also owns 100 percent stake in Luisita Lan Corp., which engages in developing, leasing, and selling real properties and other ancillary services.

It also provides water distribution and wastewater treatment services to locators of Luisita Industrial Park and residents of Las Haciendas de Luisita.

Meanwhile, Ayala Land also got the approval of the antitrust body last month for its joint venture with Royal Asia Land, Inc. for a mixed-use property development in Cavite. (PNA)