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Alsons eyes control of Davao property

    Published : Friday, December 30, 2011 00:00 [ manilatimes.net ]
    Written by : KRISTA ANGELA M. MONTEALEGRE

Alsons Consolidated Resources Inc. (ACR) is set to purchase a controlling stake in a company that has rights to own and develop a property in Davao.

In a disclosure to the Philippine Stock Exchange, ACR said it obtained board approval to acquire 72 percent of the outstanding shares of C. Alcantara & Sons. Inc. from its parent firm Alsons Development and Investment Corp. for P1.2 billion.

“This acquisition provides ACR the right to own and develop 21.27 hectares of land and three hectares of foreshore leased area in Lanang, Davao,” the company said.

The Lanang property is beside a mixed-use residential, commercial and industrial area.

The company is also engaged in the property development sector through Alsons Land Corp., which is primarily involved in a 72- hole golf course development Eagle Ridge Golf & Residential Estate and a 440-hectare industrial estate Lima Technology Center.

ACR expects its profit to reach P482.9 million by yearend, an improvement of 28 percent from the P377.8 million in 2010.

In the first nine months, it reported a 58-percent growth in net attributable earnings to P403.4 million from P254.2 million in the same period last year.

Consolidated net income for the nine-month period grew by 18 percent to P915.7 million, inclusive of other non-recurring income from the remainder of Western Mindanao Power Corp.’s insurance claim and loan provision reversals.
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