ONGPIN-LED property firm Alphaland Corp. has completed raising P4.8 billion after selling more than 400 million new common shares to major stockholders, the company said in a disclosure yesterday.

The fund-raising comes as the developer had earlier said it was allotting P4 billion for spending on its projects this year, up from P3.5 billion in 2010.

Some 408.15 million shares were sold to Alphaland Holdings (Singapore) Pte., Ltd., Masrickstar Corp., Boerstar Corp. and Azurestar Corp. at a price that was not immediately made known.

These will be listed on the Philippine Stock Exchange, Alphaland said.

The transaction increased the number of total subscribed Alphaland shares by roughly a quarter to nearly two billion units.

Share prices in Alphaland, which joined the local bourse in 2009 through a backdoor listing, stood unchanged at P45 each yesterday. — Neil Jerome C. Morales