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Empire East cleared to raise P2.69b

By Jenniffer B. Austria | Posted on September 01, 2012 | 12:01am |

The Philippine Stock Exchange has approved the P2.69-billion stock rights offering of Empire East Land Holdings Inc., the property firm which teamed up with Japan’s Okada Group to build a luxury residential project in Entertainment City Manila.

Shareholders of Empire East will be entitled to purchase one right share for every four common shares they own at an offer price of P1 per share. The offer period will be on Oct. 8 to 12 while the shares will be listed in the PSE on Nov. 29.

Megaworld Corp., the major controlling shareholder of Empire East, committed to subscribe to its entitlement shares and to any unsubscribed rights shares that will not be taken up during the offer period.

The property firm tapped BDO Capital and Investments Corp. as the underwriter for the offering.

Empire East signed a joint venture agreement with Okada Group’s Tiger Resort Leisure and Entertainment Inc. and Eagle 1 Landholdings Inc. last month to take the lead with a majority stake in the development of a 12.95-hectare luxury residential resort condominium project in Entertainment City.

The high-end resident project will have more than 25 residential towers in several phases. Development cost is expected to reach P45 billion.

The company earlier agreed to increase its authorized capital stock to P33.4 billion from P23.4 billion.

Empire East reported a net income of P60.4 million in the first half, up 12 percent from P54 million posted in the same period last year.

Consolidated revenues also increased 21 percent to P1.15 billion from P954 million recorded a year ago, as real estate sales climbed to P712 million from P470 million during the period.

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