The Philippine Competition Commission (PCC) said Friday it approved the proposed acquisition by Furusato Land Corp., a unit of Arthaland Corp., of a 50-percent stake in 14 parcels of land owned by subsidiaries of YYJR-RU Real Estate and Properties Corp. along Banilad Road, Cebu City.
After the review, the PCC said the P2.51-billion transaction does not raise competition concerns, citing the presence of other major and local property developers in Cebu City that provide sufficient market constraints.
Furusato Land is a subsidiary of publicly-listed Arthaland, which is engaged in real estate development and leasing. YYJR-RU Real Estate and its subsidiaries are domestic corporations.
The PCC said its clearance allows the parties to pursue strategic growth, while ensuring continued competition in the local real estate sector.
This is the fifth transaction cleared by the Competition Commission in August.
