MANILA, Philippines - Gotianun-led Filinvest Land Inc. said it has completed the acquisition of additional stakes in two units worth P1.2 billion.

In a disclosure to the Philippine Stock Exchange, Filinvest Land said it now owns 100% of both Cyberzone Properties Inc. and Filinvest Africa-Israel Properties after buying a 40% interest in each.

The additional stakes were acquired from Africa-Israel Investments (Phils) Inc.

"FLI's acquisition of Africa-Israel's interests in the two companies will enable FLI to consolidate its share in the strong and stable recurring revenue streams from the two companies as well as provide incremental development potential to FLI's existing revenue streams," the company said.

Cyberzone Properties owns and operates business process outsourcing (BPO) offices in Northgate Cyberzone in Alabang, Muntinlupa.

Filinvest Africa-Israel Properties, on the other hand, is developing the Timberland Sports and Nature Club and approximately 50 hectares of land comprising Phase 2 of the Timberland Heights township project in San Mateo, Rizal.