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Polar Property, Manuela Corp. consolidate

Published : Tuesday, June 19, 2012 00:00 [ ]

Villar-led Polar Property Holdings Corp. and Manuela Corp. announced the consolidation of their resources and operations via a share-swap transaction to strengthen the group’s presence in the retail business and development of office space for the business process outsourcing (BPO) industry.

In a statement, Polar Property stockholders approved the increase in the company’s authorized capital stock from P5.5 billion to P17 billion and the issuance of shares out of the same capital increase as consideration for its acquisition of a 98 percent equity interest in Manuela.

The stockholders also approved the change in name of the company to Starmalls Inc.

“The corporate move will make the renamed Starmalls Inc. a major player in the retailing business and provide it a takeoff point to compete in the office space leasing business primarily for the booming BPO industry,” the group said.

Manuela Corp. opened its first shopping mall in Las Piñas City in 1979 and three other malls between 1982 and 1996: Starmall Las Piñas Annex, Starmall EDSA in Mandaluyong City and Starmall Alabang in Muntinlupa.

Forced to go into corporate rehabilitation following the Asian financial crisis in the late 1990s, Manuela, whose management was taken over by the Villar family in 2008, finally emerged from rehabilitation early this year.

In April 2012, less than three months after the termination of its rehabilitation program, Manuela opened its newest mall, Starmall San Jose del Monte, a three-level structure with gross floor area of 35,700 square meters and the first shopping complex in the biggest city in Bulacan.

The project brought Manuela’s mall portfolio to five, with an aggregate gross floor area of 363,000 square meters and 1,777 tenants.

Manuela also owns the Worldwide Corporate Center in Mandaluyong City, which has been accredited by the Philippine Economic Zone Authority as an Information Technology Building and currently houses some of the major BPO players in the country, including Sykes and Stream Global.

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