Vol. XXI, No. 219 [ Business World Online ]
Monday, June 9, 2008 | MANILA, PHILIPPINES
THE BOARD of realty firm Cityland Development Corp. approved last week a 20% stock dividend to shareholders of record as of June 3.
In a disclosure to the Securities and Exchange Commission (SEC), the company said the share of stockholders in company earnings, to be distributed upon regulatory approval, would come from unappropriated retained earnings from an increase in capital stock.
The company will increase its capital stock by more than 1 billion shares with a par value of P1 apiece to bring it to P3 billion.
The increase in unauthorized capital stock will allow the company to okay the 20% stock dividend. The number of shares needed for the dividend is about 341 million shares, while the unissued shares totaled 194 million.
Primarily engaged in real estate development, the company has developed condominiums in Makati, Mandaluyong, Manila and Pasig. It also has residential and farm lots in Bulacan and Cavite. Cityland subsidiaries include Cityplans, Inc. and listed company City & Land Developers, Inc.
Cityland posted a 16% hike in net profit for the first quarter to P105 million. In 2007, net profit went up by 9% to P54 million.
About 1.7 billion shares of the company are listed on the Philippine Stock Exchange. — PLGM
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