MANILA, Philippines - Filinvest Land Inc. (FLI) said it has increased its stakes in Cyberzone Properties Inc. (CPI), developer of office buildings in business process outsourcing office park Northgate Cyberzone, and Filinvest Africa-Israel Properties Inc. (FAPI).

FLI's board of directors approved the acquisition of Africa-Israel Properties (Phils.) Inc.'s 40% stake in CPI for P780 million, the company told the Philippine Stock Exchange on Monday. Africa-Israel's 40% interest in FAPI was also sold to the Gotianun-led firm for P383.2 million.

At present, FLI owns 60% CPI and FAPI. The acquisitions will bring FLI's stakes in the two companies to 100%.

"The approved acquisition price for the FAPI shares was computed at the company's book value per share, while the CPI share price was computed at a premium of 8.79% over the company's book value as of September 30, 2008," FLI said.

FLI said Africa-Israel's sale of its interests in the 2 companies is part of its global portfolio rebalancing and consolidation activity. The Africa-Israel Group invests internationally in equities, fixed income, foreign exchange, commodities, alternative investments, real estate, and private equity.

"The acquisition of Africa-Israel's interests will enable FLI to consolidate its share in the strong and stable recurring revenue streams from the 2 companies as well as provide incremental development potential to FLI's existing revenue streams," FLI said.