PROPERTY developer Ayala Land Inc. (ALI) has sold its ownership in three minor subsidiaries to Megaworld Corp. for P902 million. The transaction was completed on Monday.

ALI said Tuesday, the units sold were Stonehaven Land Inc., Piedmont Property Ventures Inc. and Streamwood Property Inc., all engaged in the operation of public parking in Salcedo Village, Makati City.

“Considered as nonstrategic assets, the proceeds from the disposal will enable ALI to use the same to help fund the capital expenditure program for 2008,” said senior vice president and chief financial officer Jaime E. Ysmael.                              

Megaworld will use the acquisition for a mixed-use project. It will make available 214 public parking slots to replace the present public parking facility.

ALI is a unit of Ayala Corp.  Businessman Andrew Tan largely owns Megaworld.

GLOBE Telecom expects revenue growth to taper off this year, saying the trend appears to have softened amidst a slowdown in the economy.

FPHC may raise funds to refinance $70-M debt

FIRST Philippine Holdings Corp. (FPHC) may raise more funds this year to refinance a $70-million maturing loan in 2009.

THE Philippine Stock Exchange index Tuesday declined 14.84, or 0.5 percent, to 2,969.83 at the close, extending this year’s loss to 18 percent.

CISCO Systems Inc. said it has beefed up the Web Reputation Filters of its IronPort Systems business unit with significant enhancements.

PROPERTY developer Ayala Land Inc. (ALI) has sold its ownership in three minor subsidiaries to Megaworld Corp. for P902 million. The transaction was completed on Monday.

CEBU Pacific (CEB), the airline unit of JG Summit Holdings Inc., is adding a fourth daily service to its Manila-Hong Kong route starting June 30 in response to growing demand.

Jurisprudence teaches that the governing principle is primus tempore, potior jure (first in time, stronger in right) is utterly significant in the use of a corporate name.