Prime Orion Philippines (POPI), which developed and owns Tutuban Center in the shopping district of Divisoria, Manila, is being taken over by retail and property conglomerate Ayala Land.

In a deal worth P5.625 million (US$118.41 million), it is acquiring a majority interest by subscribing to 2.5 billion common shares for P2.25 each. The shares represent 51.06 per cent of the total outstanding stock of POPI.

ALI has already paid 25 per cent (P1.41 billion) of the total purchase price, with the rest to be paid upon fulfillment of certain terms and conditions.
With the resulting change in management, POPI has appointed new directors to the board including ALI president Bernard Vincent Dy, who will serve as chairman, Felipe Yan as vice-chairman, Jose Jalandoni (president), Ruby Chiong (treasurer), Rhodora Revilla (CFO and compliance officer), June Vee Monteclaro-Navarro (corporate secretary) and Nimfa Ambrosia Perez-Para (assistant corporate secretary).

ALI and POPI jointly announced the deal in August but needed more time to finalise the transaction.

In Tondo, Manila, Tutuban Center is a retail complex with a gross leasable area of about 60,000 sqm, offering various concepts from wholesale and bargain stalls to regular retail and food outlets. Meanwhile, the Divisoria Market has announced on its website that it is updating and relaunching.