 Ayala Land, Inc. (ALI) signed a Memorandum of Agreement (MOA) for the acquisition of a portion of ABS-CBN Corporation’s (ABS-CBN) property located in Quezon City, subject to conditions precedent, including clearance by the Philippine Competition Commission, among others. ABS-CBN will be consolidating its operations in the remaining 1.4 hectare of the Quezon City Property. Proceeds of the sale of property will be used to partially pre-pay its outstanding bank loans.
The Property houses several buildings including production facilities. The Company’s offices and studios will be consolidated in the remaining 1.4 hectares of the property to be retained by the Company. Total purchase price of Six Billion Two Hundred Forty Million Seven Hundred Seventeen Thousand Three Hundred Ten Pesos (Php6,240,717,310.00), VAT inclusive.
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