Aboitiz unit buys out Marubeni stake in LiMa Land

Posted at 02/21/2014 7:45 PM | Updated as of 02/21/2014 7:45 PM

MANILA – The property unit of Aboitiz Equity Ventures Inc., AboitizLand, has purchased the 40 percent stake of Japanese firm Marubeni Corp. in economic zone operator LiMa Land Inc.

In a disclosure to the Philippine Stock Exchange, Aboitiz said it acquired the remaining 360 million common shares in LiMa Land from Marubeni, which represented 40 percent of LiMa Land's total issued and outstanding shares.

Aboitiz did not disclose the acquisition cost and other terms of the buyout.

The transaction raised AboitizLand's ownership in LiMa Land to 100 percent.

The firm also purchased Alsons Land Corp.'s 60 percent interest last year.

LiMa Land owns and operates the 468-hectare LiMa Technology Center in Batangas, an industrial zone registered with the Philippine Economic Zone Authority.