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.