Ashmore Group in talks to sell Alphaland Corp stake


real estate_lrgEmerging market-focused private equity firm Ashmore Group is looking to exit its stake in property developer Alphaland Corp.

Asmore is in talks with several parties including a member of Abu Dhabi’s ruling family to sell its 40 per cent interest in the company, according to the Philippine Star.

The report said that Sheik Surroor Bin Mohammed Al Nahyan, who is a good friend of Alphaland chairman and former Philippine trade minister Roberto Ongpin, may acquire the stake.

Alphaland saw its net income soar 46 per cent to PHP2.75bn ($63.1m) in the first nine months of 2013 as revenues climbed more than 30 per cent to PHP530.9bn.

Earlier this year Ashmore, which is based in London, invested in Nigeria-based aluminium can manufacturer GZI alongside Standard Chartered’s private equity unit.

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