Stateland now a subsidiary of Suntrust Properties

By Elijah Felice Rosales

Suntrust Properties Inc. President Atty. Harrison M. Paltongan and Stateland, Inc President Reynaldo T. Cometa during the MOA signing at Marriot Hotel

​PROPERTY developer Stateland Inc. is now a subsidiary of real-estate firm Suntrust Properties Inc. with the government’s approval of their merger.

The Philippine Competition Commission (PCC) gave its green light to Suntrust’s 96.87-percent acquisition of the issued and outstanding capital stock of Stateland which will now be a majority-owned subsidiary of Suntrust.

In a two-page decision, the PCC concluded the merger “does not result in a substantial lessening of competition in the relevant market considering there exist sufficient post-transaction competitive constraints on the parties from other market participants.”

The agency resolved it will take no further action on the transaction.

Suntrust is a domestic corporation in the business of real-estate development. The ultimate parent entity of Suntrust is Alliance Global Group Inc., a listed holding firm with operating businesses in real-estate development, tourism entertainment and gaming, food and beverage and quick-service restaurants.

Stateland is a local firm engaged in the development of affordable subdivision residential lots, house and lots and commercial spaces. Its projects are located in Quezon City, Laguna and Cavite.