ABS-CBN will sell a portion of its Quezon City property to Ayala Land Inc (ALI).
On Thursday, ABS-CBN Corporation said that they’ve reached an agreement with Ayala Land Inc. for the sale of a portion of ABS-CBN property in Quezon City.
On February 27, both companies have signed a Memorandum of Agreement (MoA) for the sale of 30,000 square meters of the property out of the total 44,027 sqm for the total of P6.2 billion.
This information was disclosed by the Lopez-led firm to the stock exchange.
Under the MoA, the payment of this sale will be paid in terms of installment basis and this funds will be used for partial payment of loans.
Production facilities are among the buildings at ABS-CBN’s headquarters; the remaining area of 1.4 hectares will be retained by the company and it will include operations such as offices and studios.
ABS-CBN further noted that the agreement is contingent upon numbers of factor. This includes, if relevant; an approval from the Philippine Competition Commision.
ABS-CBN further stated that the agreement is contingent upon a number of factors, including, if relevant, a clearance from the Philippine Competition Commission.
