Businessman Chi Thing Co's Chemical Industries of the Philippines announced the acquisition of little-known property developer Tierra Ariana Eco Land Inc. for over P1.7 billion, triggering the suspension of its shares. The Philippine Stock Exchange (PSE) said the planned transaction was covered by its rules on substantial acquisitions and reverse takeovers. Shares of the company would remain suspended until it could provide additional information to the public, the PSE said on Friday. Chemical Industries, which announced a pivot to property investments last year, said its chair and president Janice Co Roxas-Chua struck a deal to acquire 100 percent of Tierra Ariana.

https://business.inquirer.net/407130/chemical-industries-to-buy-little-known-developer-for-p1-7b

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