PCC clears trade deals in real estate, manufacturing sectors

Sans any competition bottlenecks, the Philippine Competition Commission (PCC) approved on Wednesday three deals in the real estate and manufacturing industries.

In a statement, PCC said it cleared the acquisition by Alveo Land Corp. of properties from Antel Land Holdings Inc. in Makati City; the joint venture between Century Properties Group Inc. and Mitsubishi Corporation; and the acquisition of shares by Aisin Seiki Co. Ltd. Toyota Motor Corporation (TMC).

For the first transaction, Alveo is set to acquire Antel’s 1.3-hectare land and assets, including A. Venue Mall, in Makati City.

“PCC found that the transaction does not result in substantial lessening of competition in the market of medium-cost residential condominiums in Makati and BGC, Taguig,” the statement read.

Century Property and Mitsubishi meanwhile agreed to engage in the development, construction and sale of residential properties on parcels of land in Tanza, Cavite.

This will create a spinoff company, reportedly named as PHirst Park Homes, which will be incorporated with the Securities and Exchange Commission.

PCC noted there were numerous firms that remained engaged in the residential real estate development within the identified geographic market. These competitors were seen to exert competitive pressures on the parties after the transaction.

Aisin Seiki Co. Ltd., on the other hand, is set to acquire additional shares of Toyota Autoparts Philippines Inc. (TAP) from Toyota Motor Corporation (TMC) in the Philippines. The move will switch Aisin Seiki from being a minority to a majority shareholder of TAP.

PCC said conditions of production and the sale of manual transmission components to TAP would be the same before and after the transaction.

Aisin and its subsidiaries are engaged in the manufacture and sales of automotive parts, lifestyle- and energy-related products and wellness-related products. —ROY STEPHEN C. CANIVEL