Ongpin's Alphaland settles dispute with Ashmore
MANILA, Philippines – Roberto Ongpin-led Alphaland Corp. has ended its dispute with London-based private equity fund Ashmore Group by transferring some of its assets to a newly incorporated company owned by Ashmore's Alphaland Holdings (Singapore) Pte. (AH) and Masrickstar Corp. (MC).
Alphaland said in a disclosure to the stock exchange on Friday that it is transferring 100 percent of Alphaland Makati Tower Inc., which owns The Alphaland Tower along Ayala Avenue in Makati, the new company.
Alphaland is also giving up 100 percent of Alphaland Marina Club Inc. and Alphaland Marina Corp., which is currently developing the Alphaland Marina & Country Club project in the Manila Bay reclamation area in Paranaque City.
The Ongpin group will also transfer 50 percent ownership of the Alphaland group in Alphaland Bay City Corp., the joint venture with the Wenceslao group to develop the 32-hectare Alphaland Bay City project at the Aseana Business Park in Paranaque, and 60 percent interest in the Boracay Gateway project.
The Boracay Gateway project is the unincorporated joint venture between Alphaland Corp. and Akean Resorts Corp. to develop the latter’s 500 hectares of land in Caticlan and Nabas, Aklan.
In exchange for the assets, AH and MC will exit as shareholders and pay Alphaland Corp. P2.5 billion in cash in two tranches.
Alphaland Corp. will remain majority-owned and controlled by Ongpin’s group, the company said.
Ongpin’s group will get to keep Alphaland Southgate Tower and Mall, Makati Place (including The City Club), Balesin Island Club and Baguio Mountain Lodge Homes.
Ongpin, a former Trade Minister, and the Ashmore group have been embroiled in a legal battle since early 2013.
Ongpin and Ashmore clashed over the latter's refusal to inject more funds into Alphaland.