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Developer into capital raising

Posted on February 15, 2013 07:48:49 PM [ Businessworld Online ]
DEVELOPER BOULEVARD Holdings, Inc. is poised to raise roughly P700 million for current resort projects and other capital requirements after a planned equity infusion from majority investor JP Guilds, Inc., the company said in a disclosure on Friday.
Following a special meeting on Thursday, the board of Boulevard Holdings approved JP Guilds’s subscription to 3.10 million unissued common shares at 15 centavos apiece, according to the disclosure.
In addition, the board similarly endorsed JP Guilds’s subscription to 1.25 billion common shares at 15 centavos each from an approved hike in Boulevard Holdings’s authorized capital stock to P1.7 billion from P1.2 billion.
“The corporation estimates to accumulate aggregate proceeds of around P700 million from the subscription to the unissued common shares and new common shares from the increase in authorized capital stock. The expected proceeds will be used for the ongoing construction and expansion projects of Friday’s Holdings, Inc., Friday’s Puerto Galera, Inc., and Cala Paniman, Inc. and working capital requirements of the corporation, the parent company,” the disclosure read.
Shares of Boulevard Holdings were suspended from 9:00 to 10:00 a.m. on Friday in accordance with Philippine Stock Exchange rules on additional share listings.
Through 77%-owned unit Friday’s Holdings, Boulevard Holdings is building Puerto Galera Beach Resort, a planned 62-room development in Boquete Island, Oriental Mindoro, and operates Friday’s Boracay, a 52-room luxury resort on Boracay Island in Aklan province.
Further, Boulevard Holdings -- via subsidiary Cala Paniman -- scouting for foreign and local partners to develop its 3,000-hectare Puerto Azul resort in Ternate, Cavite after it failed in 2011 to close a long-term venture with Korea-based Resom Resort Co., Ltd. which preferred instead to invest in a Subic hotel resort.
In June last year, the developer appointed Singapore-based Aecom Singapore Pte. Ltd. to review and update the Puerto Azul master plan.
Boulevard Holdings is a holding company established in 1994, with primary interests in hotel, resort, and tourism-related developments. The company saw a steep drop in its net income for the first half ending Nov. 2012 by 55.30% to P1.56 million from P3.49 million in 2011 due to the impact on sales of the global slowdown and recent calamities.
Revenues in the same comparative period dipped by 7.66% to P44.34 million versus P48.02 million year-on-year, while costs and expenses rose by 2.86% to P41.38 million from P40.23 million in 2011.
Shares of Boulevard Holdings slightly rose by P0.001 or 0.76% to P0.132 last Friday from P0.131 last Thursday. -- F. J. G. de la Fuente
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