Ferronoux Holdings, Inc. has revised its planned property-for-share swap with Eagle I Landholdings, Inc., reducing the transaction to a single 33,077-square-meter parcel valued at about P1.52 billion, according to a regulatory filing reported by BusinessWorld. The revised agreement supersedes the earlier property-for-share swap approved by the company's board.
The original transaction had covered three parcels of land, as approved under the previous accord. The specific reason for the scale-down was not detailed in the filing, but the revised terms will now govern the transaction between the two companies.
Ferronoux Holdings, a listed company, continues to pursue the asset-for-equity arrangement as part of its corporate strategy. The transaction remains subject to regulatory and shareholder approvals where applicable.