THE Philippine Competition Commission (PCC) has approved a joint venture (JV) formed by several real estate companies to develop a 63-hectare, mixed-use project in Canlubang, Laguna province.
In a decision dated September 27, the state-run antitrust body’s Mergers and Acquisitions (M&A) Office said the JV of Rockwell Land Corp., Carmelray Property Holdings Inc., San Ramon Holdings Inc., CVY Property Holdings Inc. and other individual proprietors did not substantially reduce competition in the “market of luxury residential developments in Region 4 (Southern Luzon).”
No horizontal overlaps were found between the parties and there is a sufficient number of other competitors in the market, it added.
Rockwell and other proprietors will invest in the project by buying and subscribing to P450 million worth of Carmelray common and preferred shares that would give them 14.7-percent ownership.
The JV is the 148th transaction approved by the agency.
PCC is mandated under Republic Act 10667, or the Philippine Competition Act of 2015, to review M&As to ensure that these would not harm consumers’ interests.
There have been are 158 merger filings by local and international companies to date, with a combined worth of P2.541 trillion.