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Rockwell eyes acquisition in Puerto Azul area

25 Nov

Lopez-led Rockwell Land Corp. (ROCK) confirmed on Monday that it is in talks with Boulevard Holdings Inc. (BHI) for the possible acquisition of land in the Puerto Azul area in Ternate, Cavite.

“We confirm that we are in preliminary discussions with BHI for a possible acquisition in the Puerto Azul area,” the firm said in a disclosure to the stock exchange.

Rockwell made the clarification amid a “Biz Buzz” item published on the Philippine Daily Inquirer identifying Rockwell as a “new suitor” in a beachfront landbank in the area. The report said the acquisition “seems like a logical direction” for Rockwell as it aims to expand its hospitality business through its Aruga brand.

The report added that Rockwell is interested to acquire 180 hectares of Puerto Azul.

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Rockwell did not provide further details of its discussions with BHI.

Ayala Land Inc. (ALI) earlier expressed interest in acquiring Puerto Azul from Panlilio-owned BHI, but ALI cancelled its plans to focus on its township project in Pampanga.

Puerto Azul is a 3,300-hectare resort complex that was once dubbed “Asia’s Paradise Resort” and the “World’s Golfing Capital.” It was developed by the Ternate Development Corp. and designed by Sea Pines Associates in 1980.

The resort continues to operate but only as an exclusive club for members.

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Posted by on November 25, 2014 in BHI, Corporate News, ROCK, Stock Market

 

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