[ Manila Bulletin Online ] May 22, 2008
The Securities and Exchange Commission (SEC) has given publicly-listed Sta. Lucia Land, Inc. the go signal to implement a capital hike of up to P16 billion, through the infusion of P10-billion worth of assets from Sta. Lucia Realty and Development Corp.
Sta. Lucia Land, formerly known as Zipporah Realty Holdings, Inc., currently has an authorized capital stock of P2 billion.
The proposed capital hike forms part of the company’s strategies to reinvent and reinvigorate its operations towards becoming an active player in the real property sector. To date, the company prospects to develop various residential, commercial and mall properties.
In 2007, Sta. Lucia Land posted a higher net loss at P28.34 million, against a restated net loss of P1.73 million in the previous year, a financial report submitted to the SEC showed.
Revenues, on the other hand, increased from P20.78 million in 2006 to P153.82 million last year, mainly due to a P147.1-million gain from the sale of the company’s shares of stock in Ebedev, Inc.
Prospects for the year, according to the company, have become brighter, as it undergoes restructuring and corporate reorganization with the help of new majority shareholder Sta. Lucia Realty and Development Corporation.
"The year 2008 will signal the start of a new era in the business direction of the company along with its change of name to Sta. Lucia Land, Inc. Following its restructuring and corporate reorganization, the company, with the board and the shareholders, as well as future investors, can look forward to a more vibrant balance sheet with very minimal liabilities," the company stated in its annual report.
"The injection of assets, which includes Sta. Lucia East Grand Mall located in Cainta, will enhance the balance sheet and earning capability of the company. The company has an array of subdivision lots, commercial properties for development and joint venture projects, which, when implemented over the next three years, will bring a hefty contribution to the bottom line."
According to Sta. Lucia Land, emphasis will be on horizontal developments with housing as an added feature or product line. The company will likewise be an active player in the medium-rise vertical developments in and around Metro Manila and Tagaytay City.
In addition, the expansion of the 11-hectare Sta. Lucia East Grand Mall is also underway, and may include a residential condominium and BPO buildings, to complement and improve business activity within the area.
The company will also develop two golf courses in 2008, which is an integral part of a joint venture project in Cavite. Likewise, there are plans to build medium sized malls on two of the commercial properties infused into Sta. Lucia Land to cater to the growing needs of the community where the properties are located.
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