The Philippine Competition Commission approved the proposed joint venture between Mitsubishi Corp. and Filinvest Alabang Inc. to develop upscale mixed-used projects in Alabang, Muntinlupa City.
The joint venture will result in the incorporation of Spectrum Alabang Properties Inc. The anti-trust body said the transaction would not likely result in the substantial lessening of the competition in the Grade-A office space and retail markets in the southern business district, given the sufficient number of other market players.
Mitsubishi is set to acquire 40 percent of the issued and outstanding shares of stock in Filinvest Alabang, as a way to develop and manage the latter’s 16,928 square meters of land.
The property forms part of Filinvest City”•a 244-hectare mixed-use estate in the Alabang.
Filinvest Alabang is a subsidiary of Filinvest Development Corp. and was specifically incorporated to develop Filinvest City in a joint venture project with the Philippine government.
The Alabang subsidiary of FDC is 80-percent owned by Filinvest Development Corp. and 20-percent owned by Filinvest Land Inc.
