FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.
In a disclosure made today, First Philippine Holdings Corporation (First Holdings) announced that it has acquired the 24.5 percent stake of Benpres Holdings Corporation (Benpres) in Rockwell Land Corporation (Rockwell) for P1.5 billion. The investment was earlier authorized by the First Holdings Board of Directors. Being related parties, both First Holdings and Benpres secured a fairness opinion from a third party, CLSA Exchange Capital, Inc., for the transaction.
As a result of the acquisition, First Holdings now owns 49 percent of Rockwell, while Manila Electric Company owns the remaining 51 percent. Mr. Elpidio L. Ibañez, First Holdings President and COO, said, “The buy-up in Rockwell solidifies First Holdings’ strategic position in the company. Rockwell Land has a strong brand and track record in property development. Rockwell Center is one of the most successful inner-city community developments in the country, and Rockwell is primed to deliver further growth with new and exciting projects in the pipeline.”
To view the SEC 17-C disclosure, please click here.