Property

Ayala Land beefs up stake in Tutuban mall developer

Property giant Ayala Land, Inc. (ALI) acquired an additional 4.14 percent stake in Prime Orion Philippines Inc., owner and developer of Tutuban Center.

Property giant Ayala Land, Inc. (ALI) acquired an additional 4.14 percent stake in Prime Orion Philippines Inc., owner and developer of Tutuban Center.

In a stock exchange filing, POPI said its parent firm ALI purchased 202.77 million shares through a block sale for P2.45 each share or a total of P496.8 million.

POPI acquired control of POPI in February 2016 with the purchase of 51 percent.

Apart from the Tutuban mall, POPI also owns a beachfront in San Vicente, Palawan, and a 10 percent stake in Cyber Bay Corp.

POPI is also engaged in the lease of warehouses and non-life insurance.

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