ROCKWELL Land Corp. has further increased its stake in Alabang Commercial Corp. (ACC) to 99.26 percent after acquiring an additional 22.96-percent interest for P6.2 billion, further strengthening its ownership of the company behind Alabang Town Center.
The listed property developer on Thursday said it signed share purchase agreements with the majority of ACC's remaining shareholders, raising its equity ownership from 76.3 percent.
The transaction gives Rockwell greater control over the 17.5-hectare Alabang Town Center property as it moves forward with plans to redevelop the estate.
The company said it had begun preparing the property's master plan, engaging architect Carlos Ott and local architect Jun Rodriguez of PRSP to lead the project.
Over the next two years, Rockwell plans to improve parking facilities, traffic circulation and the mall's tenant mix. Over the longer term, it aims to transform Alabang Town Center into what it describes as a “more vibrant and experiential lifestyle destination” while preserving its “old charm.”
Rockwell said the increased ownership in Alabang Commercial Corp. would support its long-term strategy of expanding its portfolio of premium integrated developments across the country.
The company’s shares on Thursday slipped P0.05, or 1.95 percent, to close at P2.52 each.
