Vol. XXII, No. 112 [ Business World Online ]
Thursday, January 8, 2009 | MANILA, PHILIPPINES
Listed EIB Realty Developers, Inc. has been renamed Arthaland Corp. and will have almost 12 times more capital after the corporate regulator approved the changes on Monday in preparation for the entry of new investors.
In a disclosure to the stock exchange on Tuesday, the firm said the Securities and Exchange Commission (SEC) had approved the capital hike and the name change. The bourse also lifted the trading suspension on the firm’s shares, which EIB Realty had requested in May 2007 due to its capital restructuring. The property developer is now being traded under its new name. The company said it would issue new stock certificates to investors to reflect the change in the company’s name.
In a telephone interview, Artha-land Assitant Corporate Secretary Riva Khristine V. Maala said the company expected to finish talks with foreign and local investors by the first quarter.
The firm raised P750 million in August by selling 3.75 billion shares worth 18 centavos each to AO Capital Holdings, Vista Holdings Corp., First Resources Management and Securities Corp., and Elite Holdings, Inc.
Ms. Maala said the company, led businessman Jaime C. Gonzalez, changed its name to reflect the smaller stake of Export and Import Bank, Inc., which used to own almost three-fourths of the company. "With the capital increase and private placements, the percentage of Export and Import Bank’s ownership in EIB Realty decreased so we decided to change the company’s name," she said. — Don Gil K. Carreon
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