Did ROCK purchase ABS?

Rockwell Land has released a clarificatory statement for the news article “Wrecking Ball: Lopez family to demolish iconic ABS-CBN HQ.”

In a disclosure to the Philippine Stock Exchange, Rockwell states...

"We refer to SEC's letter dated March 10, 2023 requesting for clarification on the article entitled “Wrecking ball: Lopez family to demolish iconic ABS-CBN headquarters” published in the March 7, 2023 issue of the Bilyonaryo.

Quoted below is the relevant portion of the article:

“According to Babbler, Rockwell Land, the Lopez family’s property arm, has snapped up the 3.4-hectare property on Sgt. Esguerra Avenue and Mother Ignacia Avenue in Diliman, Quezon City, where ABS-CBN has been operating since 1968.”

Rockwell Land continuously searches for properties to develop in the usual course of its business. Rockwell Land has been studying the possibility of redeveloping the ABS- CBN property even prior to the outbreak of the Covid-19 pandemic. However, THERE IS NO AGREEMENT TO DATE between Rockwell Land and ABS-CBN with respect to the property."

JPRE: If it does push through, seeing a Rockwell property in the North would be interesting! This should bode very well for the area–especially South Triangle!

In other news, the company has named its president and chief executive officer, Mr. Nestor "Tong" J. Padilla, its new Board Chairman. He succeeded the late Ambassador Manuel M. Lopez, who passed away on January 12, 2023.