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Economy

Philippines' Ayala pulls out of Vietnamese infrastructure venture

MANILA -- Philippine conglomerate Ayala Corp. on Tuesday said it was pulling out of an infrastructure venture it set up with a Vietnamese company in 2012.

Ayala's board has approved the sale of its entire stake in Vinaphil Technical Infrastructure Investment Joint Stock Company to Ho Chi Minh City Infrastructure Investment Joint Stock Co. (CII), according to a stock exchange filing, which did not provide further details.

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