Businessman Chi Thing Co’s Chemical Industries of the Philippines announced the acquisition of little-known property developer Tierra Ariana Eco Land Inc. for over P1.7 billion, triggering the suspension of its shares. | miguelrcamusINQ /PDI
The parties signed a share purchase agreement but said this was “not yet the definitive agreement between parties.”“Moreover, the former and the current management, as well as the current controlling shareholder of [Chemical Industries] are not related to and have no relationship with Tierra Ariana or its directors,” it said.In August last year, the board of Chemical Industries approved the change in its primary business purpose to allow the firm to invest and engage in real estate.
Last June 7, LMG said its shareholders had agreed to sell control of the firm to Maxwealth Infinity Holdings Corp. of businessman Alfonso Huang for P402 million. LMG shares remained suspended from trading since the transaction was announced early this month. INQSubscribe to our daily newsletter
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