Metro Pacific Investments Corp. said Friday it acquired an additional 61.9-percent stake in upscale real estate developer Landco Pacific Corp. for P429.33 million.
MPIC said in a disclosure to the stock exchange it signed deeds of absolute sale of shares with AB Holdings Corp. and certain individuals for the acquisition of 61.9 percent of the issued and outstanding capital stock of Landco Pacific. MPIC holds a 38.1-percent ownership interest in the developer.
Landco will become a wholly-owned subsidiary of MPIC, with 100-percent stake after the transaction.
Landco is a pioneer in the real estate business with more than 30 years of experience in developing world-class resorts and leisure communities.
“The transaction is expected to expand MPIC’s footprint in the real estate business,” MPIC said.
MPIC signed a P1.6-billion investment agreement with Dusit International of Thailand in 2020 to develop and jointly manage hospitality and residential properties in the Philippines.
MPIC’s newest real estate, hospitality and tourism subsidiary, Metro Vantage Properties Inc., will lead the design, development, marketing and sales of the real estate properties, while Dusit Thani Philippines will oversee the hospitality and tourism side of the business.
The conglomerate reported a core net income of P12.3 billion in 2021, higher by 20 percent than P12.2 billion in 2020.
MPIC allocated P136 billion in 2021 capital expenditures, up from P78 billion in 2021.
MPIC has business interests in power, rail, water, tollways, hospitals, logistics and real estate.
