CPVDCCebu Property Ventures and Development Corp. (Cebu City, Philippines)
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'There will be a more balanced portfolio as CHI's expanded mix of businesses will be benefitted by CPVDC's strong office leasing portfolio and vice-versa.
CPVDC's immediately developable parcels in the Cebu IT Park (CITP) would balance the growth horizon for CHI's existing land bank, she added.
On the other hand, CPVDC is a subsidiary of CHI which holds 76.26 of the company's stocks while ALI holds 7.8 percent of shares of CPVDC which is the owner and developer of the Cebu IT Park.
Another significant shareholder of the CPVDC is the Cebu Provincial Government which has 8.28 percent shares.
CHI will launch this year a 17-hectare city center project in partnership with subsidiary CPVDC and AboitizLand, Inc.
Bisnar, who is also CPVDC president, said the Mandaue project was a major milestone for CPVDC as it was the company's first venture outside Cebu City.
Meanwhile, CHI will continue the buildup at Cebu Business Park, a 50-hectare former golf course that CHI transformed into Cebu's financial and business district, and Cebu IT Park, a 27-hectare cyberpark developed by CPVDC.
CHI ended 2015 with an all-time-high revenue of P3.7 billion, 63 percent higher than in 2014, while CPVDC more than doubled its revenues to P1.3 billion.
(AiO) to CPVDC which is 76.3 percent owned by its affiliate Cebu Holdings, Inc.
"This transaction will allow the company to consolidate into CPVDC the development and operations of BPO offices in Cebu and businesses related thereto," ALI chief finance officer Jaime Ysmael said.