Vol. XXI, No. 245 [ BusinessWorld Online ]
Tuesday, July 15, 2008 | MANILA, PHILIPPINES
LISTED PROPERTY developer A Brown Co., Inc. has increased its authorized capital stock by as much as tenfold to 15.32 billion common shares as it expands its palm oil plantation in Bukidnon and other real estate businesses in Mindanao.
In a disclosure filed at the Philippine Stock Exchange, the company said its board had approved the capital hike from 1.32 billion shares with a par value of one peso.
"The business here is upbeat. There is a big demand in palm oil and houses especially with the surge in the Korean [tourists]," A. Brown corporate secretary Antonio S. Soriano said in an interview.
This year, the company might expand its real estate business in the cities of Davao and Zamboanga, he said. An increase in authorized capital stock will allow the company to sell more shares so it could raise more funds. — Kristine Jane R. Liu
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