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Deal to transform Global City project into joint venture

Vol. XXI, No. 198-A [ Business World Online ]
Saturday, May 10, 2008 | MANILA, PHILIPPINES

Listed property firm Shang Properties, Inc., through its Shang Global City Holdings, has entered into a shareholders’ agreement with two firms to effect a joint ownership in subsidiary Shang Global City Properties, Inc., which is developing a property at the Bonifacio Global City.

In a disclosure, the company said it would be issuing 5,000 common shares to Oceans Growth Ltd. and 2,500 common shares to Alphaland. Oceans Growth Ltd. is a unit of Shangri-la Asia Ltd. and Alphaland Corp.

"Upon completion of the issuance to, and, subscription [by Oceans Growth and Alphaland], Shang Global City Properties shall become a joint venture company," Shang Properties told the exchange.

The agreement would give Shang Global City Properties a stake of 40%; Oceans Growth with 40%; and Alphaland with 20%.

Last December, Shang Global City Properties agreed to acquire a parcel of land with an area of approximately 15,120 square meters in the West Super Block of the Bonifacio Global City in Taguig from Fort Bonifacio Development Corp.

Parent firm Shang Properties earned profits of P944.5 million last year on gross revenues of P3.1 billion, due to higher rental income.

Shang Properties was the result of the merger between listed firms Kuok Philippine Properties and EDSA Properties Holdings, Inc. — L.N.P. Lee

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