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Shareholders to increase their stake in Alphaland

[ manilatimes.net ] March 7, 2011
ALPHALAND Corp. has authorized the sale of common shares to new and existing shareholders.
In a disclosure to the Philippine Stock Exchange, the Ongpin-led property firm said the executive committee of its board authorized the issuance of 147.38 million common shares from the unissued portion of its authorized capital stock to D.M. Wenceslao and Associates Inc. at an issue price of P10.
The transaction resulted in an increase in the issued and outstanding shares of Alphaland from 1.43 billion to 1.58 billion, representing about 9.35 percent of the company’s resulting outstanding capital stock.
The executive committee also approved the issuance of 408.15 million shares to existing shareholders at P10 apiece payable by previously paid deposits.
Alphaland Holdings (Singapore Pte. Ltd.) will receive 259.17 million shares, Masrickstar Corp. will get 100 million shares, while Boerstar Corp.and Azurestar Corp. will acquire 40.82 million shares and 8.16 million shares.
Since these existing stockholders are Alphaland related parties, the issuances will be submitted for the approval of the stockholders during the annual meeting in May.
Public ownership will be reduced to 0.83 percent, prompting the executive committee to schedule a follow-on offering in the third quarter to ensure compliance with the local bourse’s minimum public ownership requirement of 10 percent.
Unit Alphaland Balesin Island Resort Corp. (ABIRC) said its subsidiary, Alphaland Balesin Island Club Inc. (ABICI), secured the approval of the Securities and Exchange Commission (SEC) to sell preferred shares for the development of the private island resort project.
In its registration statement filed at the regulator, ABICI plans to raise as much as P7.82 billion in a combination of a primary and secondary offering by selling up to 3,910 class B preferred shares at a maximum offer price of P2 million per offer share.
Alphaland shares were unchanged at P60 each on Friday.
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