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Eton share-swap reduced to P4 billion

[ Malaya.com.ph ] July 27, 2011

The share-swap between sister companies Eton Properties Philippines Inc. and Paramount Land Equities Inc. has been reduced to P4 billion from the earlier announced P4.2 billion.

Listed Eton said the Securities and Exchange Commission has approved the share-swap which involves the land where Eton’s project Eton Centris stands. The company did not say why property’s value has been reduced to P4 billion.

A little over a year ago, Eton announced that it is acquiring the Eton Centris property from Paramount in a land-for-share swap. It is the first Eton-owned land since it started operating in 2007.

But since the company that owns the land is also a Lucio Tan-led company, the transaction can be called a simple asset transfer between sister companies.

Eton earlier said Paramount will receive 1.6 billion shares from Eton, priced at P2.50 per share, a 7.3 percent premium over the company’s 3-month trading price weighted average of P2.33 per shares at that time.

This will give Paramount a 55 percent stake in Eton, increasing the Tan group’s stake in Eton to 97 percent.

The property is the site for Eton’s Centris project, a fully-integrated mixed-use township located at corner of two major thoroughfares in Quezon City, EDSA and Quezon avenue, with a direct link to the MRT. It is master planned to feature a mix of high-end residential condominiums, BPO offices, commercial and retail components.

Danilo Ignacio, Eton president, earlier said Eton Centris has a total buildable area of 1 million square meters, master-planned to house 12 residential buildings and 8 office buildings.
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