In a stock exchange filing, ALI said it was folding 71.1 percent subsidiary Cebu Holdings Inc. (CHI) as well as its other affiliates Asian I-Office Properties, Arca South Commercial Ventures Corp. (ASCVC), and Central Block Developers Inc. (CBDI) into its operations.
ALI said the merger, which will be submitted for the approval of ALI’s stockholders on April 14, would result in operational synergies, efficient funds management and simplified reporting to government agencies.
“The merger is an internal restructuring as well as a consolidation of ALI’s Cebu portfolio under one listed entity.
CHI is a leading property development company in Cebu. Among its major projects are the 50-hectare Cebu Business Park, which has been accredited as an IT park by the Philippine Economic Zone Authority in 2000, as well as the Cebu IT Park.