Thursday, August 14, 2008 [ www.manilatimes.net ]
EIB Realty Development Inc. is set to raise capital through private placements from four domestic investors, the firm said Wednesday.
In a disclosure to the Philippine Stock Exchange, the affiliate of Export and Industry Bank said it approved a plan to raise P750 million through the issuance of 3.75 billion shares to AO Capital Holdings, Vista Holdings Corp., First Resources Management and Securities Corp. and Elite Holdings Inc.
EIB Realty said the fresh funds would be used to develop its existing properties in Fort Bonifacio in Taguig City, Tagaytay and Davao City. These include commercial and office building developments.
The company said the move comes after it raised its authorized capital stock from P246 million, consisting of 1.37 billion common shares at P0.18-par, to P2.95 billion, divided into 16.37 billion shares at the same par value.
The increase was approved by stockholders in a meeting in January, the property firm said.
The company also said the increase in authorized capital stock would ensure that it would have enough capital stock in preparation for the capital infusion from potential investors.
EIB Realty said the total amount paid up as of Tuesday reached P168.78 million.
Last year, EIB Realty divested its interests in One McKinley Place, a residential condominium it co-developed with Philippine Townships Inc. of the RFM group in Fort Bonifacio.--Chino S. Leyco
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