Rockwell JV with Carmelray Property Gets Green Light

The Philippine Competition Commission gave its approval to Rockwell Land Corp. (PSE: ROCK) to proceed with its joint venture (JV) with the Yulo Family’s Carmelray Property Holdings Inc. (CPHI) to develop a 63-hectare mixed-use project in Canlubang, Laguna.

Rockwell will invest in the project by initially purchasing and subscribing to PhP450 million worth of CPHI common and preferred shares equivalent to 14.7% ownership.