PRIME Orion Philippines, Inc. (POPI) plans to change its name to Ayalaland Logistics Holdings Corp., in line with the firm’s diversification into the property logistics sector.
In a disclosure to the stock exchange on Tuesday, the Ayala-led firm said its board of directors has approved the change in its corporate name. It will also change its ticker symbol on the stock exchange to ALL from POPI.
POPI will present the name change to its stockholders during its annual meeting on April 12 for approval, after which necessary requirements will be filed with the Securities and Exchange Commission (SEC).
The move reflects POPI’s pivot towards the real estate logistics and industrial estate business with Ayala Land, Inc. (ALI)’s support.
ALI acquired the operator of the Tutuban Center in 2015, initially purchasing 51.36%. The company has gradually increased its stake which now stands at 63.9% as of March 2018.
The company has since acquired a majority stake in Laguna Technopark, Inc., which manages the 460-hectare Laguna Technopark in Sta. Rosa as well as the 135-hectare Cavite Technopark in the municipality of Naic.
POPI is currently developing a logistics and warehousing facility in Laguna Technopark that will offer a leasable area of more than 60,000 square meters (sq.m.) divided into 40 units with cuts of 1,200 to 1,500 sq.m.
The warehouse is seen to be completed by October 2020, although portions will be available for lease to non-Philippine Economic Zone Authority (PEZA) locators starting May.
The company has two more industrial parks in the pipeline. The first is located in Cagayan de Oro near the Laguindingan airport, where POPI will offer 42 parcels of land with cuts of 7,000 sq.m. each.
The company is looking at establishing its second industrial park in Central Luzon.
POPI has also been expanding and rehabilitating the Tutuban Center under ALI’s leadership. Tutuban Center now has a gross leasable area of 53,000 sq.m., in addition to new retail and wholesale concepts.
POPI’s net income attributable to the parent surged 122% to P189.47 million in the first nine months of 2018, driven by a 328% jump in revenues to P1.94 billion.
Shares in POPI jumped 8.58% or 23 centavos to close at P2.91 each at the stock exchange on Tuesday. — Arra B. Francia