Chemical Industries of the Philippines Inc. (CIP) on Wednesday mentioned it’s buying Tierra Ariana Eco Land Inc. for P100 million.
The corporate mentioned the acquisition will achieve CIP an oblique management over the BPI Paseo de Roxas Condominium Corp., the condominium company charged with the administration of the Filinvest Monetary Heart condominium mission and the entity with authority to develop the condominium mission.
“The final word goal of CIP within the transaction is to amass oblique possession over the parcel of land lined by Switch Certificates of Title Quantity S-89953, registered below the identify of the Condominium Corp., and have the ability to redevelop the Condominium Challenge by way of the Condominium Corp.”
Tierra Ariana is the registered proprietor of 19 out of the 20 condominium certificates of titles within the condominium mission, which has been utterly demolished.
“Pursuant to Part 2 of Republic Act No. 4726, in addition to Article II, Part 1 of the By-Legal guidelines of the Condominium Company, such possession vests Tierra Ariana with a 95 % curiosity and efficient management over the Condominium Company. The registered proprietor of the primary flooring of the Condominium Challenge is BPI Household Financial savings Financial institution,” it mentioned.
The corporate mentioned a share buy settlement was signed final June 21 between CIP president and COO Janice Eunicia C. Roxas-Chua, and different sellers that embrace Wessex Holdings Corp. and Pacific Unity SDN. BHD, Tierra Ariana and Important Time Worldwide Ltd.
The transaction additionally consists of the execution of a deed of project over Tierra Ariana’s accounts payable by its creditor, Important Time amounting to P835.35 million to CIP for P546.5 million.
The quantity of P546.5 million was the consideration agreed upon by Important Time for the deed of project of its credit score.
CIP will advance some P65 million to Tierra Ariana for the fee of its excellent liabilities.
Tierra Ariana, in the meantime, will proceed its BPI mortgage amounting to P1.01 billion after CIP has acquired the corporate.
“The foregoing acquisition is neither associated to nor a continuation of the change of management of CIP that occurred someday in 2019 and there will probably be no change in CIP’s board and officers. Furthermore, the previous and the present administration, in addition to the present controlling shareholder of CIP should not associated to and don’t have any relationship with Tierra Ariana or its administrators,” CIP mentioned.
Together with the loans, the transaction worth quantities to P1.72 billion.
CIP mentioned it has beforehand paid P100 million to Tierra Ariana as a reservation deposit, which it utilized as fee for the acquisition worth on the shares.
“Tierra Ariana, whereas below the management of the sellers, shall remit to the sellers the reservation deposit, which shall represent as full fee and settlement for the sale of the topic shares.”