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Feb 27, 2016 @ 8:44

Ayala Land acquires 51% of Tutuban Center owner


PROPERTY giant Ayala Land Inc. has sealed a deal to acquire majority interest in Prime Orion Philippines Inc. (Popi), owner and developer of the popular bazaar hub in Divisoria, Tutuban Center.

A deed of subscription had been executed whereby ALI subscribed to 2.5 billion common shares or 51.06 percent of Popi for P2.25 a share or a total block price of P5.62 billion, both companies disclosed to the Philippine Stock Exchange Friday.

ALI paid for the initial 25 percent of the block or P1.4 billion while the rest will be settled upon fulfillment of certain terms and conditions.

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