Ayala Land to merge with Cebu Holdings, subsidiaries
enablePagination: false
endIndex:
Metro Manila (CNN Philippines, February 24) — Ayala Land Inc. will be merging with listed subsidiary Cebu Holdings Inc. and its subsidiaries, the property developer announced.
In a disclosure to the Philippine Stock Exchange published Wednesday, Ayala Land said its board of directors approved a day ago its merger with the Cebu-based property developer and subsidiaries Asian I-Office Properties, Inc. (AiO), Arca South Commercial Ventures Corp. (ASCVC) and Central Block Developers Inc. (CBDI).
“The merger is an internal restructuring as well as a consolidation of Ayala Land’s Cebu portfolio under one listed entity,” the document read, adding that it is "expected to result in operational synergies, efficient funds management and simplified reporting to government agencies.”