Ayala consolidates Cebu property business

LISTED Cebu Holdings Inc. and subsidiary Cebu Property Ventures & Development Corp. will merge and unify their business portfolios, the Ayala- led firms said on Monday.

In separate disclosures, the companies said their respective board of directors approved the move, in which Cebu Property will cease to exist and Cebu Holdings will be the sole entity.

“The merger will consolidate Cebu Holdings’ portfolio under portfolio for its investments,” Cebu Property said in its disclosure.

The move “is expected to result in - ing to government agencies,” it added.

A total of 996 million Cebu Property common shares shall be billion common shares.

For the subsidiary’s shareholders, each 1.06 common share held will be exchanged for one Cebu Holdings share.

“All assets and liabilities of the company will be absorbed by Cebu Holdings,” Cebu Property said.

Cebu Holdings’ common shares shall increase to 2.9 billion once the merger takes place after it se stockholders and the Securities and Exchange Commission (SEC).

Incorporated on December 9, Ayala Land Inc. It is involved in land management, mixed-use development, sales of commercial land and residential subdivision and condominium units, and leasing retail and

It owns and manages the 50-hectare Cebu Business Park.

Registered with the SEC on August 2, 1990, Cebu Property deals with acquisition and estate development, commercial land and residential condominium sales, and lease of

It is the owner and developer of the 27-hectare Cebu IT Park.