City & Land Developers, Inc. (LAND) is seeking regulatory approval for its planned merger with parent firm Cityland Development Corp. (CDC), with CDC as the surviving entity.
“The merger is considered an internal restructuring intended to streamline the corporate structure, improve operational efficiency, eliminate redundancies, and enhance overall shareholder value,” LAND said in a disclosure to the Philippine Stock Exchange on Thursday.
The merger plan, which was approved by LAND’s board on 27 August, will be submitted for ratification at a special stockholders’ meeting on 10 October.
Before the transaction can proceed, approvals from the Philippine Competition Commission (PCC), Securities and Exchange Commission (SEC), and other regulators are also required.
Under the deal, CDC will issue 1.39 billion common shares to LAND shareholders based on an exchange ratio of 0.88 CDC shares for every LAND share.
CDC will absorb all of LAND’s assets, liabilities, rights, and obligations.
LAND said the consolidation is aligned with the company’s strategy to simplify ownership, strengthen operational coordination, reduce corporate costs, and maximize stockholder value.
LAND is 49.73 percent owned by CDC, with both firms ultimately controlled by Cityland, Inc. CDC, incorporated in 1978, also owns Cityplans, Inc. and is behind several condominium developments in Metro Manila, including the ongoing 39-storey One Hidalgo project in Manila set for completion in 2027.