Posted on May
09, 2013 10:34:31 PM [ BusinessWorld Online ]
REAL ESTATE
developer 8990 Holdings, Inc., which recently made a backdoor listing via IP
Converge Data Center Inc., hopes to increase profits this year on an expanded
land bank, the company said in a statement yesterday.
The 8990 Group “is now eyeing an additional
30-40% annual profit growth through additional funds from the capital market,
as well as increasing its existing land bank and expanding the capabilities of
its recently acquired company,” the statement read.
8990 Group
last year booked a net income after tax of P1.71 billion, and reported P700
million for the first quarter. Comparative figures for both periods were not
immediately available.
“Such results
clearly indicate an upward trend that will bring us to a higher level of record
profits this year, wherein [sic] our commitment to provide affordable mass
housing under our Deca Homes brand shall continue to be the principal driving
force of this growth” Jesus B. Atencio, 8990 Holdings president and chief
executive officer, was quoted in the statement as saying.
8990 Group is
known primarily for its main brands Deca Homes (mass housing subdivisions) and
Urban Homes (medium-rise buildings), the statement said. Deca Homes has
developed 51 subdivisions, with more than 41,000 housing units turned over to
date, it added. The developer said it has 10 ongoing residential projects in
Angeles City in Pampanga, Cavite, Iloilo, Cebu, and Davao, while also managing
two wakeboard parks -- Deca Wake Park Davao and Deca Wake Park Clark.
IP Converge
on Tuesday announced that transactions for 8990 Holding’s backdoor listing have
been executed.
The
transactions, involving IP Converge’s issuance of shares and subsequent
subscription by 8990 Holdings, was worth P3.97 billion, according to
yesterday’s statement.
IP Converge
used to be an information technology solutions firm before becoming a shell
company last year when it transferred its assets to parent IP Ventures, Inc. --
Cliff Harvey C. Venzon
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