Chemical Industries of the Philippines, owned by businessman Chi Thing Co, has announced the acquisition of Tierra Ariana Eco Land Inc., a property developer, for over P1.7 billion. As a result, the shares of Chemical Industries have been suspended, in accordance with the Philippine Stock Exchange (PSE) rules on substantial acquisitions and reverse takeovers.
The PSE stated that the shares will remain suspended until additional information is provided to the public by Chemical Industries.
This acquisition aligns with Chemical Industries’ shift towards property investments, which was announced last year. Chair and President Janice Co Roxas-Chua negotiated the deal to acquire 100% of Tierra Ariana. However, there are no details available regarding Tierra Ariana’s business activities.
A share purchase agreement has been signed, but both parties clarified that this is not yet the definitive agreement.
Chemical Industries emphasized that there will be no changes in its board and officers as a result of the acquisition. It also stated that the current and former management, as well as the current controlling shareholder, have no relationship with Tierra Ariana or its directors.
Janice Co Roxas-Chua is the daughter of Chi Thing Co, who retired as chair on May 5, 2022.
In August last year, Chemical Industries obtained approval from its board to change its primary business purpose to include real estate investment. Prior to this, the company had ceased its chemical operations.
In 2017, Chemical Industries sold its controlling stake in listed company LMG Chemicals Corp. The Sytin and Siao families currently own LMG Chemicals Corp.
Last June 7, Maxwealth Infinity Holdings Corp., owned by businessman Alfonso Huang, agreed to acquire control of LMG for P402 million. Since the announcement of the transaction, the trading of LMG shares has been suspended. INQ
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next