Posted on
June 03, 2013 10:21:43 PM [ BusinessWorld Online ]
A
THAILAND-BASED shareholder of Starmalls, Inc. is looking to increase its stake
in the listed mall operator, a top official of Starmalls said on Saturday last
week.
Speaking to reporters on the sidelines of the
topping off ceremony of Wil Tower Mall in Quezon City, Sen. Manuel B. Villar,
Jr., chairman of Starmalls, said Land & Houses Public Co. Ltd. is keen on
increasing its stake in his company.
“Meron (There
is)...” Mr. Villar replied when asked if the Thai firm has plans to raise its
stake in Starmalls.
“Kaya hindi
ako nagpa-public, baka sila na lang. (That’s why I’m not taking Starmalls
public; funding may just come from that company.)”
Mr. Villar
declined to give details, saying the Thai firm’s plan has not been finalized.
Officials of
that company, which is listed on the Stock Exchange of Thailand, did not
respond to an e-mailed request for comment and details.
Land &
Houses, one of Thailand’s largest property developers, owned a 9.585% stake in
Starmalls as of end-March, according to the Villar-led firm’s report to the
Philippine Stock Exchange.
In the same
talk with reporters, Mr. Villar said Starmalls plans to open new malls in
Taguig City, Imus in Cavite, Sta. Rosa in Laguna, and one in Cebu in the next
two years.
Starmalls
operates five shopping malls: two in Las Piñas City, as well as one each in
Mandaluyong City, Muntinlupa City and San Jose del Monte, Bulacan, according to
the company’s Web site.
For future
fund raising, Mr. Villar said the company is inclined to borrow first.
“Starmalls has no debt. Its stockholders equity is P19 billion. I think the
logical thing to do is to borrow maybe up to P4-5 billion initially, then we
can do equity offering, may be next year,” Mr. Villar said.
Starmalls
grew its net income by 47% to P124 million in the first quarter from P84.36
million in the same period last year on higher revenues. Revenues grew more
than fourfold to P425.86 million from P99.73 million, driven by leasing
revenues that doubled with the opening of its new mall in San Jose Del Monte in
Bulacan.
Starmalls
made its debut on the stock market in January last year, through a backdoor
listing via developer Polar Property Holdings Corp.
Its shares
added two centavos or 0.51% to close at P3.95 apiece yesterday from P3.93 each
on Friday last week. -- C. H. C. Venzon
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