ALI completes takeover of Tutuban Center

MANILA, Philippines - Ayala Land Inc. has sealed a deal to acquire a majority interest in Prime Orion Philippines Inc. (POPI), the owner and developer of the iconic Tutuban Center in Divisoria, Manila

Under the agreement, ALI subscribed to 2.5 billion common shares for P2.25 each or a total of P5.625 billion.

The shares represent 51.06 percent of the total outstanding stock of POPI.

ALI has already paid 25 percent or P1.41 billion of the total purchase price. The remaining 75 percent will be paid upon fulfillment of certain terms and conditions.

To facilitate the issuance of shares, POPI shall raise its authorized capital from P2.4 billion to P7.5 billion, divided into 7.5 million common shares with a par value of P1 each share.

Given the change in management as a result of ALI’s entry, POPI appointed new directors to the board including ALI president Bernard Vincent Dy who will serve as chairman, Felipe Yan as vice chairman, Jose Jalandoni (president), Ruby Chiong (treasurer), Rhodora Revilla (chief finance officer and compliance officer), June Vee Monteclaro-Navarro (corporate secretary) and Nimfa Ambrosia Perez-Para as assistant corporation secretary.

ALI and POPI jointly announced the deal in August last year but needed more time to finalized the transaction.

The popular Tutuban Center is a retail complex in the shopping district of Divisoria in Tondo, Manila, with gross leasable area of about 60,000 square meters, offering various concepts from wholesale and bargain stalls, to regular retail and food outlets.