Sta Lucia Land, Inc. (SLI) said its board has approved the purchase of LBS Properties Inc.’s stake in Uni-Asia Properties, Inc., thereby gaining access to the latter’s development projects.

In a regulatory filing on Friday, SLI its board, in a special meeting on May 7, approved the P40.487 million purchase of 2,562,490 shares of Uni-Asia’s stock.

The shares were valued at P15.80 each based on Unia-Asia’s net asset value.

SLI said the deal will increase its stake to 4.37% in Uni-Asia which currently develops subdivision projects such as Centro Verde, as well as a township in Iloilo, Hacienda Verde.

SLI ”will benefit from the positive cash flows of Uni-Asia from the expected sales of its new township project in Iloilo,” SLI said.

SLI and LBS Properties are to execute a deed of conditional sale of shares which calls for a down payment of P20.24 million, or half the agreed sum.

The balance will be paid within one year through monthly installments of P1.69 million, secured by post-dated checks.

SLI said its board also approved during the meeting the development of seven sites via joint venture.

The sites, in Sto. Tomas and Lian in Batangas; Davao City, Cavite, Cebu, Iloilo and Bulacan, total some 2.219 million sqm.

The board also approved the formation of joint ventures with Sta. Lucia Realty and Development, Inc. to develop five other sites in Bulacan, Batangas, Cavite, Rizal and Iloilo totaling 135,022 sqm.

The board also authorized the purchase of seven sites in Calamba and Sta. Rosa, Laguna; Davao City; Iloilo; Negros Oriental; Pasig City and Palawan, totaling 627,174 sqm.

The board approved SLI’s plan to apply for an additional P200 million credit line with Maybank Philippines, Inc.’s Trust Department.

SLI fell 4.26% on Friday to close at P1.80. — Janina C. Lim