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.