Prime Orion to venture into industrial parks via share swap deal

Ayala Land, Inc. will swap P3 billion worth of shares in Laguna Technopark, Inc. (LTI) with Prime Orion Philippines, Inc. (POPI), allowing the latter to venture into the development of industrial parks.

In a disclosure to the stock exchange on Friday, March 23, ALI said its executive committee has approved the exchange of shares with POPI.

Under the deal, POPI will issue 1.225 billion common shares to ALI in exchange for 30,186 LTI common shares, resulting in POPI acquiring a 75% equity interest in LTI.

The transaction will bring down ALI’s direct ownership in POPI to 63.90% from 54.91%. — Arra B. Francia