LISTED sugar milling firm Central Azucarera de Tarlac, Inc. said on Wednesday that it had approved the sale of a 200-hectare property in Tarlac City owned by its subsidiary.
In a regulatory filing, the company said that its board of directors approved the sale by Luisita Land Corp. to Aboitiz-led Lima Land, Inc., without disclosing the price.
“The transaction requires the consent/approval of Central Azucarera de Tarlac which owns a controlling interest and more than two-thirds of the outstanding capital stock of Luisita Land,” the company said.
“[The company] is also the largest creditor of Luisita Land,” it added.
It said that the sale is still subject to certain closing conditions, which have yet to be fulfilled or satisfied.
Both parties are still discussing and finalizing some proposed transaction terms, the company added.
“A timely and appropriate disclosure will be made in the event that the closing conditions are satisfactorily fulfilled/satisfied, and definitive agreement/s are concluded,” the company said.
Central Azucarera de Tarlac’s main products are raw and refined sugar, with the mill and refinery process also producing molasses as a by-product.
It also has a 100% stake in Luisita Land, a domestic corporation engaged in developing, leasing, and selling real properties and other ancillary services.
Through Luisita Land, the company provides property management, water distribution, and wastewater treatment to locators of Luisita Industrial Park and residents of Las Haciendas de Luisita.
On Wednesday, shares in Central Azucarera de Tarlac rose by 2.42% or 22 centavos to close at P9.32 apiece. — Adrian H. Halili
