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.
The Philippine Stock Exchange (PSE) said the planned transaction was covered by its rules on substantial acquisitions and reverse takeovers.
Shares of the company would remain suspended until it could provide additional information to the public, the PSE said on Friday.
Chemical Industries, which announced a pivot to property investments last year, said its chair and president Janice Co Roxas-Chua struck a deal to acquire 100 percent of Tierra Ariana.
There were no immediate details on Tierra Ariana’s business activities.
The parties signed a share purchase agreement but said this was “not yet the definitive agreement between parties.”
The company added “there will be no change in [Chemical Industries’] board and officers.”
“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.
Roxas-Chua is the daughter of Chi Thing Co, who retired as chair on May 5, 2022.
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.
It had previously ceased the operations of its chemical businesses.
In 2017, Chemical Industries sold its controlling stake in listed LMG Chemicals Corp., which is now owned by the Sytin and Siao families.
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. INQ
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