MANILA, Philippines — The Philippine Competition Commission (PCC) has approved the buyback of shares by Property Company of Friends Inc. (Pro-Friends) from GT Capital Holdings Inc. and the acquisition by Saudi Arabian Oil Co. (Saudi Aramco) of chemical and industrial polymer manufacturer Saudi Basic Industries Corp. (SABIC) which has operations in the Philippines. In a decision dated July 4, PCC said it has cleared the transaction between Pro-Friends and GT Capital as it is not seen to result in reduced competition in the market. The deal involves Pro-Friends’ redemption of Series A preferred shares, equivalent to a 51 percent stake in the company, from previous partner GT Capital in exchange for 702.44 hectares of land from its Lancaster New City development project in Cavite. Pro-Friends’ redemption of shares from GT Capital would result in Maplecrest Group Inc. having sole control over the property company. At present, Maplecrest holds a 49 percent stake in Pro-Friends, which is focused on mass housing with projects in Cavite and Iloilo.

Source: Philippine Star July 08, 2019 16:06 UTC