The Philippine Competition Commission (PCC) has approved the joint venture between listed firms Robinsons Land Corporation (RLC) and Shang Properties, Inc. (SPI) to develop a luxury residential condominium in Bonifacio Global City.
In a Wednesday statement, the antitrust body said the transaction does not result in “substantial” narrowing of competition.
“There are enough existing competitive constraints on the parties after the transaction,” the statement read, quoting decision of the PCC’s Mergers and Acquisitions Office (MAO) signed March 20.
“There is no increased ability nor incentive to engage in input foreclosure or customer foreclosure post-transaction,” it added.
Through the joint venture, Robinsons Land and Shang Properties is set to develop the 9,118-square meter property of the former. It is located at McKinley Parkway corner 5th Avenue, Bonifacio Global City, Taguig.
Robinsons Land is the real estate investment arm of JG Summit Holdings, Inc.
Meanwhile, SPI is a publicly listed real estate property development company. Through its subsidiaries, SPI is engaged in hotels, lease of commercial and office spaces, development and sale of luxury residential condominiums, and property management.
The two firms will subscribe to shares of stock of the joint venture, which will result in each party owning 50% of the outstanding stock. — Janina C. Lim