Mass housing developer 8990 Holdings Inc. is acquiring a controlling stake in Cebu-based affordable housing builder Piccadilly Premier Land Inc. for P88.28 million.
In a disclosure to the Philippine Stock Exchange, 8990 said it has entered into an Investment Agreement with Piccadilly, RDAK Land, Inc., Acrissor Development Corporation, and certain individuals for the acquisition of 68 percent of the outstanding common shares of Piccadilly.It added that the agreement comes with the understanding that RDAK and Acrissor will also sell identified assets and liabilities to Piccadilly.
The transaction is a share sale transaction which involves a transfer of assets and liabilities from RDAK and Acrissor to Piccadilly, and the transfer of real estate assets by certain individuals to Piccadilly. The amount of P44.14 million or 50 percent of the total purchase price shall be payable upon execution of the Investment Agreement while the remaining 50 percent shall be paid upon issuance by the Bureau of Internal Revenue of the Certificate Authorizing Registration of the shares purchased by 8990 from the various selling shareholders.
Indonesia Berita Terbaru, Indonesia Berita utama
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