Chemical Industries of the Philippines (Chemphil) has announced its acquisition of Tierra Ariana Eco Land Inc. for P1.73 billion, a strategic move to bolster its office leasing operations.
Janice Eunicia Roxas Chua, president and Chairman of Chemphil, revealed that the company has executed an agreement to acquire the entire outstanding capital stock of Tierra Ariana.
Based on Tierra Ariana’s audited annual financial statement as of the end of 2022, the company’s total assets amounted to P1.813 billion.
Chemphil clarified that the share purchase agreement is solely an acquisition and is not connected to the change of control that took place in 2019. The acquisition will not lead to any changes in the board or officers of Chemphil.
Furthermore, the company emphasized that the former and current management, as well as the current controlling shareholder of Chemphil, have no affiliation or relationship with Tierra Ariana or its directors.
Chemphil and its subsidiaries primarily operate in the manufacturing, sale, and distribution of industrial chemicals, along with leasing office spaces to internal and external parties.