The Philippine Competition Commission approved the joint venture of Rockwell Land Corp. and Carmelray Property Holdings Inc. of the Yulo family to develop a 63-hectare project in Canlubang, Laguna.
The joint venture, which also includes San Ramon Holdings Inc., CVY Property Holdings Inc., and other individual proprietors, will build a mixed-use projects with residential, commercial and retail components.
Other investors in the project include Juan Miguel Yulo, Maria Rosario Ng, Maria Cristina So, Maria Luisa Teehankee and Carmen Yulo.
“The transaction does not result in the substantial lessening of competition in the relevant market of luxury residential developments in Region IV,” PCC said in a decision dated Sept. 27, 2018.
The antitrust body said no horizontal overlaps were found between the parties and there were sufficient number of other competitors in the said market.
Rockwell said it would invest in the project by “initially purchasing and subscribing to P450 million worth of CPHI common and preferred shares equivalent to 14.7-percent ownership.”
PCC said the Rockwell Land-Carmelray Holdings joint venture was the 148th transaction approved by the commission. It said it received 158 merger filings by local and international companies, with a combined worth of P2.54 trillion.
PCC chairman Arsenio Balisacan said the joint venture guidelines of the commission provide ample guidance to the parties on how they should assess their transaction.
“It demonstrates how PCC is attuned to the realities of how corporations are run―in particular, when control of a company is shared between two or more shareholders,” he said.