By Doris C. DumlaoPhilippine Daily Inquirer
6:10 pm | Thursday, June 26th, 2014
SCREENGRAB from www.alphaland.com.ph
MANILA, Philippines — The estranged partner of Alphaland Corp. in the Alphaland Bay City (ABC) project has questioned the inclusion of the former’s stake in this venture as part of a settlement deal between the property development group led by businessman Roberto V. Ongpin and British fund Ashmore.
In a statement on Thursday, the Wenceslao group said Alphaland could not transfer its shares in the joint venture to Ashmore unless it has been allowed to exercise or waive its right of first refusal. The Wenceslao group said it has formally asked Alphaland Development Inc. (ADI) to “honor its contractual obligations.”
The Wenceslaos insisted on its right of first refusal under the shareholders agreement governing the joint venture between Wenceslao and ADI to develop the marina project located in Aseana City, a 32 -hectare development sandwiched between PAGCOR Entertainment City and Mall of Asia. The group has also claimed it has a “tag-along” right, which allows it to sell its holdings in the joint-venture company ABC on the same terms Alphaland is transferring its shares to Ashmore.
“We need to look at the terms first between Alphaland and Ashmore before we can decide whether to exercise or waive our right of first refusal, or invoke the tag along,” the Wenceslao statement added.
The Wenceslaos claimed that the joint venture was supposed to have 32 hectares of property, out of which Alphaland had reportedly contributed 10 hectares of landlocked property. On the other hand, the Wenceslaos said they contributed 22 hectares, including the critical property with access to the sea, giving them majority shareholdings in ABC.
The local group issued the statement in response to reports that Alphaland had settled its squabble with British fund Ashmore by giving up some assets in exchange for the latter’s exit as shareholder in Alphaland.
Alphaland’s stake in the marina and joint venture company was reportedly assigned to Ashmore but the Wenceslao Group was not asked first whether it would exercise or waive its right of first refusal, the Wenceslao group lamented.
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