PTFC unit buys stake in Kombi Land

- velopment Corp. said on Monday that its wholly-owned unit Baesa Redevelopment Corp. (BRC) was acquiring 49,000 shares of Kombi Land, Inc. (KLI) for P60 million.

In a disclosure to the Philippine Stock Exchange, PTFC said the transaction, once approved by the Securities and Exchange Commission (SEC), would give Baesa a 19.68 percent stake in KLI.

“BRC’s investment in KLI is standing of both BRC and the issuer,” PTFC said.

Baesa paid an initial non- refundable amount of P15 million to Kombi under the subscription agreement. It will pay the remaining P45 million upon approval of the transaction by the SEC.

“Kombi shall issue the share cer approval of the SEC for the increase of its authorized capital stock is secured. Kombi also made an undertaking to secure all the required approvals from the appropriate government agencies to enable it to issue the said shares in favor of

Kombi is engaged in the business of holding and acquiring properties in the Philippines. It owns various commercial and industrial properties in Malvar and Lipa, Batangas.