MANILA, Philippines—The Aboitiz group has taken full control of the 485-hectare LiMA Technology Center in Batangas by buying out the 40 percent stake held by the Japanese company Marubeni Corp.
In a disclosure to the Philippine Stock Exchange on Friday, Aboitiz Equity Ventures said its wholly owned property arm Aboitiz Land Inc. had acquired the remaining 360 million common shares in LiMA Land Inc. (LLI), owner and operator of LiMA Technology Center, held by Marubeni.
This raised Aboitiz Land’s ownership of LLI to 100 percent, following its purchase of Alsons Land Corp.’s 60 percent interest in the industrial estate developer in October last year.
LiMA Technology Center is a Philippine Economic Zone Authority-registered industrial park which currently hosts 37 locators employing over 24,000 people. Locators are engaged in various manufacturing pursuits ranging from automobile components and motorcycles to printers, plastic moldings and LCD projectors.
As a PEZA-registered zone, locators enjoy certain incentives such as income tax holidays and exemption from duties and taxes on imported capital equipment.