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 Sobrepeña-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