Arthaland Corp., an upscale property developer led by the Po family, has acquired full ownership of Cebu Lavana Land Corp. (CLLC) with the purchase of an additional 40 percent stake.
In a regulatory filing, Arthaland said it approved the acquisition of Rock And Salt B.V.’s 333,333 shares in CLLC for P113.16 million.
Rock and Salt is a Netherlands-based foreign private limited liability company managed by Arch Capital.
Arthaland said the purchase would allow it to consolidate its ownership over CLLC, which owns the Cebu Exchange project.
The project is targeted to be operational by the end of the year.
CLLC was incorporated on 11 September 2015 to acquire 8,440 square meters of land in Cebu City.
Arthaland also purchased and acquired by way of secondary sale all of the rights, title and interest accrued on shareholder advances for P762.34 million.
Rock and Salt is managed by Arch Capital Management Company Ltd., a Hong Kong based private equity fund set up to pursue investments in Asian property markets.
SOURCE: Bilyonaryo
