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Aboitiz Land gets nod for stock increase

Published : Saturday, February 18, 2012 00:00 [ ] 
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The real estate arm of Aboitiz Group has obtained the approval of the corporate regulator to raise its capitalization.

Documents from the Securities and Exchange Commission show that Aboitiz Land Inc. increased its authorized capital stock from P75 million to P400 million.

Aboitiz & Company Inc., the private holding firm of the Aboitiz family, has subscribed to and paid up P160 million worth of shares.

Proceeds of the transaction will finance the company’s various projects under development, said Stephen Paradies, Aboitiz Equity Ventures Inc. (AEV) chief financial officer.

AEV and Aboitiz Land are affiliates, both owned by Aboitiz & Co.

The Cebu-based real estate firm, has developed residential projects, shops and offices, leisure developments and industrial estates, including the 63-hectare Mactan Economic Zone 2 and the 268-hectare West Cebu Industrial park.

AEV’s consolidated net income dropped by 5 percent year on year to P16 billion in the first three quarters of 2011. Minus one-time gains, AEV’s core earnings for January to September period fell by 6 percent to P15.5 billion.

AEV is in the business of power generation and distribution, financial services and food manufacturing.

In 2010, AEV and Aboitiz & Company sold its entire stake in its transport unit Aboitiz Transport System Corp. to Negros Navigation Company Inc.

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