Prime Orion to become Ayalaland Logistics

LISTED Prime Orion Philippines Inc. is planning to change its corporate name to Ayalaland Logistics Holdings Corp. and ticker symbol from “POPI” to “ALL.”

In a disclosure on Tuesday, the Ayala- land company said the move was part of an effort to align with its vision to become the leading real- estate logistics and industrial estate developer and operator in the country.

The plan would be presented at the Ayala Land Inc. subsidiary’s annual stockholders on April 12 for their approval. It would also be subject to the approval of the Securities and Exchange Commission.

Early this month, Ayala Land raised its interest in Prime Orion to 63.9 percent by swapping its 20- percent stake in Laguna Technnopark Inc. with the latter’s 323.9 million shares.

Prime Orion owns the Tutuban Center in Manila’s Divisoria district and logistics facilities in Laguna province, among others.

Last year, it signed an agreement with Japanbased conglomerate Mitsubishi Corp. to build logistics buildings and warehouse facilities, called the Standard Factory Building, in Laguna for a total capital expenditure of P1 billion.

The project covers 11 hectare of land, on which 40 units measuring up to 1,500 square meters each would rise. It is set for completion in 2020.

Shares of Prime Orion added 23 centavos or 8.58 percent to close at P2.91 each on Tuesday. ANGELICA BALLESTEROS