Posted on 08:43 PM, February 22, 2010 [ BusinessWorld Online ]
CORPORATE REGULATORS have approved the increase in authorized capital of Boracay Shangri-La Hotel and Resort, Inc., allowing an offshore investor to hike its shareholdings.
In a filing with the Securities and Exchange Commission, Boracay Shangri-La said its capital stock will increase to P2.04 billion divided into 400,000 common shares with par value of P100.00 each and two million preferred shares worth P1,000.00 at par, from just P40 million divided into 400,000 shares. The board of Boracay Shangri-La approved the capital hike last Dec. 9.
Last month, Pilotpro Investments, Ltd., which is based in the British Virgin Islands, said it “desires to subscribe to the capital stock of [Boracay Shangri-La], in addition to Pilotpro’s existing shareholdings, by transferring and assigning to Boracay Shangri-La a portion of the advances in the amount of P1.955 billion.”
The 12-hectare Shangri-La Boracay Resort and Spa, which has a 350-meter beachfront and 219 rooms, opened last year.
Boracay Shangri-La’s parent firm, Hong Kong-based Shangri-La Hotels and Resorts, is Asia Pacific’s leading luxury hotel group.
There are 65 Shangri-La hotels in Asia-Pacific, North America and the Middle East, for a room inventory of more than 28,000. New hotels are being built in Australia, Canada, mainland China, France, India, Macau, the Philippines, Qatar, Seychelles, United Kingdom and the United States.