Posted on May 30, 2012 10:06:48 PM [
BusinessWorld Online ]
“Lim Asia Multi-Strategy Fund, Inc., a
holder of Global-Estate Resorts warrants, converted 62 million of its holdings
into 62 million common shares of the company,” the disclosure read.
As a result, the firm’s total and
outstanding shares rose by 0.74% to 8.418 million from a previous 8.356
million.
Lim Asia, a unit of Hong Kong-based
Lim Advisors Ltd., is Global-Estate Resorts’ eighth-largest stockholder, with
six million shares in the company as of end-March, according to an earlier
filing to the Philippine Stock Exchange.
Last September, Lim Asia similarly
converted six million warrants into six million common Global-Estate Resorts
shares, earlier reports showed.
Global-Estate Resorts was first
incorporated in 1994 as Fil-Estate Land, Inc.
It had consolidated the real estate
interests and development activities of the SobrepeƱa-led Fil-Estate Group of
Companies.
It was acquired by the Andrew L.
Tan-led Alliance Global Group, Inc. for P5 billion in 2010.
The company is primarily engaged in
the development of residential subdivisions, integrated residential sites, as
well as golf ranges and other leisure-related properties. It also has vertical
developments of mixed-use towers in Metro Manila.
Global-Estate Resorts directly owns
1,062 hectares of land valued at P2.6 billion, strategically located in various
parts of the country, but mostly in the CALABARZON area (Cavite, Laguna,
Batangas, Rizal, Quezon) according to earlier reports.
Projects currently in the pipeline
include four high-rise projects in Metro Manila and five subdivision projects.
In preparation for the development of
future integrated tourism estate projects in Boracay Island and Tagaytay City,
the company had moved to double its authorized capital stock to P20 billion.
Global-Estate Resorts hiked its first
quarter net income by 45.20% to P54.77 million from year-ago levels on the back
of higher real estate sales.
Revenues expanded by 45.09% to P378.92
million versus P261.16 million, year on year, while total costs and expenses
grew by 51.16% to P328.13 million from P217.08 million.
Shares of Global-Estate Resorts rose
by 1.09% to P1.86 apiece yesterday. -- F. J. G. de la Fuente
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