Ayala Land, Inc. (PSE:ALI) entered into a plan of merger to acquire remaining 28.9% stake in Cebu Holdings, Inc. (PSE:CHI) from PCD Nominee Corporation, PCD Nominee Corp. (Non-Filipino) and others for PHP 4.6 billion on February 22, 2021. Under the transaction Ayala Land will acquire remaining 622.736715 million shares by issue of 0.19 ALI share for every 1 CHI shares.

CHI will cease to exist upon the implementation of the Plan of Merger. CHI will merge with ALI, with ALI as the surviving entity. As a part of transaction, Divina Y. Lopez appointed as CHI Chief Finance Officer and Compliance Officer vice Luisa D. Chiong who has accepted a new role in ALI, and Annabeth R. Bernardo as Chief Audit Executive of CHI.

Transaction is subject to approval from Securities and Exchange Commission, approval from shareholders of CHI and ALI, will hold their annual stockholders' meetings on April 14, 2021 and April 21, 2021, respectively. Transaction has been approved by board of directors of CHI. As of February 23, 2021, transaction has been approved by board of directors ALI.

As of April, 14, 2021, and April 21, 2021, shareholders of CHI and ALI approved the transaction respectively. On April 29, 2021, an application for the approval of the merger was filed by the Constituent Corporations with the Securities and Exchange Commission. As of December 16, 2021, Securities and Exchange Commission approved the deal.