AboitizLand sells 50% equity stake in CHDI to Ixidor Holdings

ABOITIZLAND, a wholly owned subsidiary of Aboitiz Equity Ventures Inc. (AEV), has entered into a share sale and purchase agreement with Ixidor Holdings Inc. (Ixidor) for the sale of its entire 50 percent equity ownership interest in Cebu Homegrown Development Inc. (CHDI) to Ixidor.

AboitizLand owns 435 million shares in CHDI for P609 million.

“The transaction is aligned with the Aboitiz Group’s strategic direction for its residential real estate business of focusing on horizontal projects,” AEV told the local bourse on Monday, May 3, 2021.

CHDI was a joint venture between Cebu Landmasters Inc. and AboitizLand. It is engaged in the development of mixed-use vertical projects in Cebu.

The transaction comprises P430,000 for 43 million common shares priced at one centavo apiece, P379,965,833.04 for 387 million redeemable preferred shares without additional paid-in capital (Apic) sold at P0.98 each, and P228,604,166.96 for five million redeemable preferred shares Apic priced at P45.72 per share.

AEV added that the “transaction is not material to the business, financial condition and operations of AEV.”