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Cebu Property Ventures and Development Corporation ('CPVDC' or the Company) is a public corporation that started as a joint venture company formed in June 1990 by the Cebu Provincial Government and Ayala Land, Inc. The company was incorporated on August 2, 1990.
CPVDC's real estate operations include land banking or the acquisition of large tracts of prime raw land, which, after a specific holding period will be developed for future sale and property development. |
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| History |
Against the backdrop of an encouraging economic trend that placed Cebu's growth rate faster than that of the country's in 1988 - 1989, the Cebu Provincial Government made it a mandate to fund infrastructure projects from proceeds of the disposition of its patrimonial properties. It was a strategy that actualized a long desired plan of a local government to weld a working partnership with the business sector.
In 1990, the company formed a Subsidiary corporation under a joint partnership with Ayala Land, Inc. with a P1.0 billion authorized capital stock and conducted the flotation of Cebu Equity Bond Units (CEBUs) for the Province of Cebu; and, the Secondary Share Sale Program via a public offering through the local stock exchanges.
When CPVDC started as a joint venture, its ownership profile showed a 74.8 percent- 25.2 percent partnership between the Province of Cebu and Ayala Land, Inc.
The Province of Cebu contributed patrimonial properties as its equity contribution (comprising its 74.8 percent ownership share.), including the 23-hectare site of what was formerly Lahug Airport.
For its part of the equity participation in CPVDC, Ayala Land, Inc, initially contributed P63 Million as the initial 25 percent paid-up subscription for its 250 million shares, with the understanding that the full payment would be called by the Board when the properties offered by the Province would be free and clear of occupants, and thus ready for development.
CPVDC is engaged in real estate development in Cebu and has entered into a general contract with Ayala Land, Inc. to manage its day-to-day operations.
Ownership Structure
After a successful tender offering undertaken in 1995, this company is now 76.26 percent owned by Cebu Holdings, Inc. The province owns 8.28 percent; ALI owns 7.80 percent and total shares held by public is 7.66 percent. |
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