September 09, 2013

Aboitiz unit nears P1.5-B purchase of Batangas tech park

The property arm of conglomerate Aboitiz Equity Ventures Inc. (AEV) is in the final stages of its P1.5-billion acquisition of a majority stake in Lima Land Inc. from Alsons Consolidated Resources Inc. (ACR) to focus on power generation projects.

In June, AboitizLand offered to buy a 60-percent stake in Lima Land to jumpstart its expansion outside the Visayas. Lima Land is the company behind Lima Technology Center, a 485-hectare business park located in Lipa and Malvar towns in Batangas province.

Its locators are involved in various manufacturing ventures like automobile components, motorcycles, printers and plastic moldings. It currently hosts 38 locators that enjoy tax perks and employ more than 19,000 employees. - WealthSec