Ayala Land consolidates control of Trinoma

By: Doris C. Dumlao - 9 years ago

SCREENGRAB from www.ayalaland.com.ph

MANILA — Ayala Land Inc. (ALI) is set to consolidate its control over the Trinoma commercial center in Quezon City by buying out the 15.79 percent interest held by Anglo Philippine Holdings Corp. for P1.26 billion.

“This acquisition is aligned with ALI’s thrust of expanding its leasing business,” ALI chief finance officer Jaime Ysmael said in a disclosure to the Philippine Stock Exchange on Wednesday.

Trinoma is owned and operated by North Triangle Depot Commercial Corp. (NTDCC), 49.29 percent of which ALI currently owns. Increasing its stake to 65.08 percent would make the company a subsidiary whose earnings can be consolidated into ALI’s books.

Anglo-Phil, in a separate disclosure, said its hoard had received and accepted the formal offer from ALI to purchase this interest in the shopping mall.

The deal is subject to the terms and conditions of the offer as well as to the rights of first refusal of the stockholders of NTDCC under the shareholders’ agreement.