THE board of directors of AbaCore Capital Holdings, Inc. approved on Wednesday the acquisition of Libertad Logistics Integrated Zone Builders Development Corp. through a merger or consolidation via a tax-free exchange.
According to AbaCore’s disclosure to the exchange on Thursday, the company was able to acquire via merger or consolidation Libertad and its property at a discount or at P20,000 per square meter (sq.m.).
Libertad owns the property adjacent to the Batangas port, which is said to be valued at P6.5 billion. It is priced at P23,600 per sq.m.
An independent appraiser reported that “the property is located in an area where land development is of mixed-use, specifically, residential, industrial, commercial, and institutional.”
The company plans to develop the property.
AbaCore said it had authorized management “to negotiate, enter, and finalize joint venture agreements and partnerships with qualified developers, and operators… of a logistics center, food terminal, grains silo, blast freezing facility, warehouses, and other facilities allied to the Batangas port project where the Libertad property is located.”
Terms and conditions of the merger will be released once it has been finalized by AbaCore management and Libertad shareholders.
AbaCore shares at the stock exchange went up by 4.85% or P0.05 on Thursday to close at P1.08 apiece. — K.C.G. Valmonte