Vol. XXI, No. 211 [ Business World Online ]
Wednesday, May 28, 2008 | MANILA, PHILIPPINES
PROPERTY FIRM Sta. Lucia Land, Inc. is increasing its authorized capital stock to P16 billion from P2 billion to give way for the subscription of its parent firm Sta. Lucia Realty and Development, Inc.
In a disclosure, the company said corporate regulators had approved the increase in its authorized capital stock, allowing Sta. Lucia Realty to subscribe to P10 billion worth of shares.
Sta. Lucia Land took dormant firm Zipporah Holdings’ spot on the stock exchange through a backdoor listing after parent Sta. Lucia Realty agreed to partially settle the latter’s debts worth P40.722 million late last year.
Sta. Lucia Realty owns a fifth of Zipporah, which is now called Sta. Lucia Land, Inc. Under the agreement, Sta. Lucia Realty will initially shoulder P61 million and another P43.5 million as the second tranche of payment.
The company earlier said it was raising between P3 billion and P5 billion from the sale of additional shares to the public. Exequiel D. Robles, president and chief executive officer of Sta. Lucia Realty, said the company had tapped Asian Alliance Investment Corp. and Macquarie Securities (Phils.), Inc. as lead underwriters for the domestic and international offering.
He said the proceeds of the offering would be used to expand residential subdivision and condominium projects in Cebu, Iloilo, Davao, Bacolod and Manila. Starting as a residential developer, Sta. Lucia Realty has expanded to mall and golf course development. It owns Sta. Lucia East Grand Mall and Orchard Golf and Country Club in Cavite. — L.N.P. Lee
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