THE Philippine Competition Commission (PCC) green-lit DMC Urban Property Developers, Inc.’s acquisition of the Makati-based office building assets of PLDT Inc.
DMC’s acquisition of the Smart Towers office buildings and the land they are built on in Makati City will not lead to the substantial lessening of competition in the market for office leasing space in Makati City and Bonifacio Global City, the watchdog said.
The 2,400 square-meter parcels of land and the two buildings are on Ayala Ave. in Makati City. PLDT’s subsidiary Smart Communications, Inc. is headquartered in the high-rise building.
PCC, in a press release on Saturday, said that there are competitive constraints from larger competitors in the office leasing market and a high concentration of office space in the mentioned areas.
“Additionally, the acquisition of the building is secondary to PLDT’s main business which is in telecommunications, and there will be no change in the structure of ownership or control in either party,” PCC said.
DMC Urban Property Developers Inc. is a real estate development company that leases office spaces in Makati and Bonifacio Global City.
PCC in a commission decision signed on Sept. 3 said it will not take further action.
PLDT last month said its plan to redevelop its Ramon Cojuangco Building in Makati City had been put on hold because of the pandemic.
PLDT Chief Finance Officer Anabelle L. Chua last year said the company would sell assets to help finance its capital expenditures.
Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Jenina P. Ibañez