Ferronoux Holdings, Inc. has revised its planned property-for-share swap with Eagle I Landholdings, Inc., scaling down the transaction from three parcels of land to a single 33,077-square-meter (sq.m.) property valued at approximately P1.52 billion.

According to a regulatory filing submitted on Monday, the revised agreement supersedes an earlier property-for-share swap that received board approval in December 2024 and shareholder approval in March 2025. Ferronoux stated that the original transaction was never carried out due to what the company described as "supervening events."

The company's board approved the revised transaction during a special meeting held on Aug. 3.

Under the new terms, Ferronoux will acquire a 33,077-sq.m. property located at Manila Bay Resorts along Asiaworld City Boulevard in Parañaque City from Eagle I. In exchange, Ferronoux will issue at least 356 million common shares drawn from its unissued shares and the increase in its authorized capital stock, implying an exchange price of roughly P4.26 per share.

By comparison, the original deal called for the issuance of up to 918 million common shares at approximately P4.70 each in exchange for three land parcels in Barangay Tambo, Parañaque City, with a combined area of 94,144 sq.m.

The revised transaction represents a significant reduction in both the land area and the number of shares to be issued, lowering the potential dilution to existing shareholders compared with the original plan. The property's location within Asiaworld City places it in the vicinity of Entertainment City, a state-designated gaming and tourism zone in Parañaque and Pasay that hosts several integrated resort complexes.

The revised transaction remains contingent on several conditions, including shareholder approval, Securities and Exchange Commission approval of the company's capital increase, confirmation of the property's valuation, an independent fairness opinion, and satisfaction of other regulatory requirements.

Ferronoux noted that the property is adjacent to the Okada Manila integrated resort, one of the major casino and hotel complexes operating within Entertainment City. Part of the site is currently occupied by support facilities for the casino complex, which are expected to be vacated before development commences.

Following the disclosure, the Philippine Stock Exchange imposed a one-hour trading halt on Ferronoux shares from 10:35 a.m. to 11:35 a.m. on Monday. The stock subsequently surged 49.82% to close at P4.15 per share. — Alexandria Grace C. Magno