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Property firm gets regulator approval to hike capital

Posted on January 01, 2012 08:53:54 PM [ BusinessWorld Online ]

LANDCO PACIFIC Corp. has bagged the approval of the corporate regulator to hike its authorized capital stock, filings at the Securities and Exchange Commission (SEC) showed.

According to documents, dated Dec. 14 but obtained by reporters just last week, SEC allowed the property developer to increase its capital stock to 1.442 billion from 820 million with par value of P1 per share.

Documents showed that P379 million would be used to pay debts to Metro Pacific Investments Corp. (MPIC), P50 million of which will be paid in cash while P329 million will be paid as equity. Officials could not be immediately reached for additional details.

In August 2010, MPIC sold 15% of its 34% stake in Landco Pacific to the Xerxex-Burgos family, which brought the latter’s ownership to 81%.

MPIC Chairman Manuel V. Pangilinan remains Landco Pacific’s chairman.

The company posted 31% rise in sales to P1.833 billion in the third quarter of 2011 from P1.401 billion the previous year. In its statement on its third quarter results, the company attributed that performance to its Urban and Mindanao Communities brand, where sales totaled P760 million; as well as Hometown Communities and Leisure Communities brands with P565 million and P508 million, respectively.

Landco Pacific, founded in 1990, is a developer of high-end communities. MPIC is the local unit of Hong Kong’s First Pacific Co. Ltd., which partly owns Philippine Long Distance Telephone Co. (PLDT). Mediaquest Holdings, Inc., subsidiary of PLDT’s Beneficial Trust Fund, has a minority stake in BusinessWorld.

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