Friday, November 27, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
Boulevard Holdings, Inc. will be selling more shares to its majority shareholder in exchange for land in Cavite where it plans to build its third resort.
In a disclosure yesterday, the holding company said it would increase its authorized capital to P800 million from P200 million. The P800 million will be divided into eight billion common shares at a par value of P0.10 per share, slightly lower from its P0.11 closing price yesterday.
Boulevard Holdings said majority stockholder JP Guilds, Inc. plans to buy six billion shares worth P600 million. But instead of cash, the firm will pay for the stake with seven parcels of land in Barangay Sapang, Ternate, Cavite.
Jose Marcel Panlilio, chairman and president of Boulevard Holdings, is the majority shareholder in JP Guilds.
“The lands have an aggregate area of 1.06 million square meters, [which will] be used for the site of the proposed third Friday’s Resort,” the listed firm said, adding that the lands have a total value of P1.86 billion.
In April, Boulevard sold its stake in two information technology (IT) companies, putting on hold investments in the IT sector to focus on tourism projects. The firm owns Fridays Boracay Island Beach Resort in Aklan and will open Fridays Puerto Galera in Mindoro next year.
Boulevard Holdings also has an investment in Simon Murray and Associates Ltd., which is into investment banking, corporate finance, brokering and fund management activities. It has units at the Pacific Plaza Condominium, Pacific Plaza Towers Condominium, The Peak Tower Condominium, Asian Mansion II Condominium, and LPL Greenhills Condominium. -- K. J. R. Liu
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