What happened to Cebu Holdings? On 16 December 2021, Cebu Holdings Inc (CHI) was merged with and into Ayala Land Inc (ALI) with the latter as the surviving company. Together with Cebu Holdings, the merge also included Asian I-Office Properties Inc (AiO), Arca South Commercial Ventures Corp (ASCVC) and Central Block Developers Inc (CBDI). All CHI shares are now converted to ALI shares. Cebu Holdings is a subsidiary of Ayala Land. Ayala Corporation owns Ayala Land. Mermac was a family corporation owned by the Ayala-Zobel-Roxas clan. It is the grandmother holding company that owns almost half of Ayala Corporation shares. Mermac stands for Mercedes Macmicking, the grandmother of the Roxas-Ayala-Zobels clan. Macmicking, an American soldier, is the man behind the Ayala Business Center vision as "little New York with Central Park." Ayala Business Centre was locally labeled as Makati Central Business District (MCBD) during the lengthened mayorship of Jejomar Binay.