Vol. XXII, No. 163 [ BusinessWorld Online ]
Friday, March 20, 2009 | MANILA, PHILIPPINES
A PROPERTY venture between Korean and Filipino businessmen has added P250 million in capital to settle debts to investors, documents from the corporate regulator showed.
Hyopan Land Philippines, Inc., hiked its authorized capital to P500 million from P1 million in a move to partially cover advances from shareholders worth P342.40 million, which was used to finance the company’s investments.
Of the capital increase, 2.25 million shares worth P100 each were issued to Hyopan Land chairman and chief executive officer Victor Siasat, while 249,997 more shares were given to Flora A. Siasat as payment. The two previously held 700 shares each.
Hyopan Land Philippines wants to capitalize on the huge number of Korean tourists in the country. ’ AFP
The firm’s board approved the capital increase on Jan. 29, while the Securities and Exchange Commission gave its go-signal last week.
The move boosted Hyopan Land’s paid-up capital to P250.06 million from only P62,500.
Hyopan Land is developing a 44-storey residential condominium at the Bonifacio Global City in Taguig, called the Stay Tower. The units will primarily be sold to the wealthy Korean clients.
The Stay Tower will have 339 residential units. The first four floors will have retail shops, a gym, and an English-language school. The project is expected to be completed in the last quarter of 2010.
The firm also plans to develop other projects that cater to Koreans in the Philippines, such as retirement villages in the provinces, English-language schools, hotels, resorts, and related businesses.
Mr. Siasat manages a number of businesses such as clothing stores Guess Philippines, Mango, and Terranova; Gloria Jean’s Coffee and Chef Donatello; and Gold’s Gym. He also has interests in real estate firms like Santa Monica Land and Wilshire Land. — D.G.K. Carreon
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