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Anchor Land to increase capital

[ ] June 1, 2011

Anchor Land Holdings Inc. has secured board approval to increase its authorized capital stock.

In a disclosure to the Philippine Stock Exchange, Anchor Land said it would hike its capital stock from P1 billion to P2.3 billion and amend its the Articles of Incorporation to reflect the increase.

The property developer also declared a stock dividend of one common share per one outstanding common share held by the stockholders.

The record date of the stock dividend will be fixed and approved by the Securities and Exchange Commission after the latter approves the increase in the company’s authorized capital stock.

Anchor Land expects revenues to hit the P3-billion level this year, a 12.17-percent improvement from the P2.66 billion generated in 2010.

In the first three months, the real estate firm’s net income increased by 53 percent to P212 million from P139 million last year, on the back of the strong sales and the continuing development of three ongoing projects.

Anchor Land plans to launch seven projects this year. Its wholly owned subsidiary Posh Properties Development Corp. will beef up its land bank. Anchor Land shares rose to P13.60 on Tuesday from P11.50 each on Monday.

Krista Angela M. Montealegre

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