The Philippine Stock Exchange (PSE) is set to delist Ayala Land-led Cebu Property Ventures and Development Corp. (CPV)—which had been merged with Cebu Holdings Inc. (CHI)—from its roster on June 10.
Trading on shares of CPV had been voluntarily suspended since Nov. 6, 2018, in relation to its merger with CHI, with the latter as the surviving entity.
The merger, which had long been approved by the Securities and Exchange Commission, was meant to simplify the structure of Ayala property group’s operations in Cebu.
Following the consolidation of CPV into CHI, there will no longer be any of the former’s shares for trading.
As such, the PSE advised on Thursday that CPV shares would be removed from its official registry.
CPV is engaged in strategic land management (acquisition and estate development), real estate business (commercial land sales residential condominium sales), and commercial business operations and management (retail space lease and office space lease).
It is the owner and developer of Cebu I.T. Park (formerly Asiatown I.T. Park), a 27-hectare property complementing the Cebu Business Park. The I.T. Park obtained accreditation from the Philippine Economic Zone Authority as an I.T. Park in 2000. It also hosts business process outsourcing and IT firms in its other properties, such as eOffice One and eBloc Towers 1, 2, 3 and 4.
This unit also owns The Walk, a retail facility that combines with a strong mix of affordable dining options and convenient services at Cebu I.T. Park. It likewise has a stake in Ayala Land’s joint venture Asian I-Office Properties, which in partnership with Avida Land launched Avida Towers Cebu, Avida Towers Riala and Central Block.