Shareholders approve ALI-Cebu Holdings merger

Ayala Land Inc. said it obtained shareholders’ approval on the planned merger with Cebu-based subsidiary Cebu Holdings Inc. and three other units.

It said shareholders approved the merger with CHI, Asian I-Office Properties Inc., Arca South Commercial Ventures Corp. and Central Block Developers Inc., with ALI as the surviving entity.

It said the proposed merger is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies.

The merger is subject to the approval by the Securities and Exchange Commission.

ALI president and chief executive Bernard Vincent Dy said the company put in place plans and strategies to ensure the company’s continued recovery amid the pandemic.

The group allocated P88 billion in capital expenditures to fund construction of residential projects, land acquisitions and estate developments.

It also plans to launch P100 billion worth of residential projects, mostly for middle-income and affordable income markets. Most of these residential projects are located in Metro Manila, Southern Luzon and Central Luzon.

“With 30 estates across the country and more than 12,000 hectares of land bank, we face 2021 confident in our ability to seize new opportunities in an evolving business climate,” Dy said.