Key Alphaland owners hike equity interest

06/29/2011 | By: Krista Angela M. Montealegre, The Manila Times

Alphaland Corp. has executed the appropriate deeds of subscription with four major shareholders.

In a disclosure to the Philippine Stock Exchange, the company led by former trade minister Roberto Ongpin issued 408.15 million shares to existing shareholders Alphaland Holdings (Singapore) Pte. Ltd., Masrickstar Corp., Boerstar Corp. and Azurestar Corp. Out of the 408.15 million issued shares to existing shareholders at P10 apiece, Alphaland Holdings will receive 259.17 million shares; Masrickstar, 100 million; Boerstar, 40.82 million; and Azurestar, 8.16 million.

The subscription was approved by Alphaland’s board in March and ratified by shareholders last month.

The property developer’s authorized capital stock was unchanged at P5 billion, while subscribed shares rose to 1.98 billion from 1.58 billion. Issued shares went up to 1.84 billion from 1.43 billion, while outstanding shares grew to 1.98 billion from 1.58 billion.

The company will apply for the additional listing of the said shares. Alphaland and the major shareholders will comply with the Revised Listing Rules of the Exchange, including the 180-day lock-up period.

The company is simultaneously developing five upscale projects, namely the P6-billion Alphaland Makati Place; the P2.2-billion Alphaland Makati Tower; the P3-billion Alphaland Balesin Island Club; P10-billion Alphaland Boracay Gateway Country Club; and the P2.5 billion to P3 billion marina club of Alphaland Bay City.

The company also has a 20-percent stake in Shangri-La at The Fort, a six-star hotel rising in the booming Bonifacio Global City business district.

This year, Alphaland expects to exceed its 2010 profit of P1.25 billion, significantly higher than the P73.92 million in 2009.

Its shares were unchanged at P345 each on Tuesday.

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