By Jenniffer B. Austria

AB Holdings Inc. has expressed interest to acquire the 51 percent stake of partner Metro Pacific Investments Corp. in Landco Pacific Corp.

AB Holdings said in a statement that it would purchas Metro Pacific?s stake ?based on terms and conditions to be finalized and agreed with Metro Pacific and subject to approval of AB Holdings? board.?

The company did not give additional details on the terms and conditions of the sale, including price for the 51 percent interest.

Metro Pacific earlier said the 51 percent stake in Landco had a book value of P800 million.

Metro Pacific on Tuesday said its board confirmed plans to dispose of its stake in Landco based on terms and conditions to be approved by its board of directors and stockholders.

A special stockholders? meeting of Metro Pacific is set on Feb. 20 to discuss the plan.

The divestment is part of Metro Pacific?s plan to focus on new business ventures, especially in tollways, healthcare, water utility and ports businesses.

Metro Pacific last year gave the Alfred Xerez-Burgos-led AB Holdings an option to acquire its stake in Landco.

AB Holdings, which owns 49 percent of Landco, asked for an extension pending talks with a potential investor.

Landco, which is into development of high end residential and leisure projects, has several huge projects in the pipeline.