MPIC hikes stake in Landco Pacific

MANILA, Philippines — Metro Pacific Investments Corp. (MPIC), the listed infrastructure and tollways conglomerate chaired by Manuel V. Pangilinan, has raised its stake in Landco Pacific Corp., making the upscale real estate developer now a 100-percent owned subsidiary of MPIC.

The move will strengthen the presence of MPIC in real estate aside from its existing 38 percent stake in Landco and will also mark the conglomerate’s return as a major property developer.

In a disclosure yesterday, MPIC said it entered into deeds of absolute sale of shares with AB Holdings Corp. and certain individuals for the acquisition by MPIC of an aggregate of 61.9 percent of the issued and outstanding capital stock of Landco.

MPIC currently holds a 38.1 percent ownership interest in Landco. As a result of the transaction, Landco will become a wholly owned subsidiary of MPIC.

Under the sale agreement, MPIC will acquire 6.4 million common shares of Landco, representing an aggregate of 61.9 percent of capital stock of the company for P429.3 million.

“The transaction is expected to strengthen the balance sheet of MPIC. In addition, the transaction is expected to expand MPIC’s footprint in the real estate business,” MPIC said.

Landco has been creating leisure communities, resort-inspired condominiums and luxury home communities in the Philippines for  more more than 30 years now.

Landco’s portfolio includes Peninsula de Punta Fuego and Terrazas de Punta Fuego; WoodGrove Park in San Fernando, Pampanga; Waterwood Park in Baliuag, Bulacan; Montelago Nature Estates in San Pablo, Laguna; The Courtyard at Lakewood Golf Estates in Cabanatuan, Nueva Ecija; Woodridge Garden Village in Zamboanga City; and Hacienda Escudero in Tiaong, Quezon and Landco Canyon Woods in Lemery, Batangas

Its BeachTowns include Playa Laiya and Club Laiya in Laiya, San Juan Batangas; Playa Calatagan and CaSoB? – Calatagan South Beach in Calatagan, Batangas and Playa Azalea and Costa Azalea in Samal Island, Davao.

MPIC’s businesses are Manila Electric Co., Maynilad Water Services Inc., MetroPac Water Investments Corp., Metro Pacific Tollways Corp.,, Metro Pacific Hospital Holdings Inc., Light Rail Manila Corp. and MetroPac Movers Inc.