PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .

Holding company exits Shang Properties

Posted on August 27, 2013 10:03:55 PM [ BusinessWorld Online ]

LISTED Anglo Philippine Holdings Corp. has divested its stake in Shang Properties, Inc., the holding firm said in a disclosure yesterday.

“Please be advised that Anglo Philippine Holdings Corp. sold a total of 214,145,742 shares of Shang Properties, Inc. by way of a special block sale today as approved by the Philippine Stock Exchange,” the disclosure read.

The shares, which represent 4.5% of Shang Properties, comprise the total stake of Anglo Philippines in the property developer, the holding firm’s 2012 annual report showed.

Officials were not immediately available for additional details, but an analyst said the move might signal a possible shift in investments. “The company will probably be venturing into new business or focusing on an existing business,” Astro C. del Castillo, managing director of brokerage First Grade Finance, Inc., said in a telephone interview yesterday. “If a company is eyeing a new venture, it would need cash to shift its investments.”

Anglo Philippine was incorporated in 1958 as an oil and mineral exploration company under the name Anglo Philippine Oil Corp.
The firm in 1996 amended its primary purpose to that of an investment holding firm focused on natural resources, property and infrastructure development, and changed its corporate name to the present one. It also has core investments in Atlas Consolidated Mining & Development Corp., United Paragon Mining Corp., MRT Holdings, Inc., and The Philodrill Corp., among others.

Anglo Philippine’s net income dropped 40.92% to P143.96 million in the first semester from P243.67 million from a year ago, as revenues fell 31.10% to P193.96 million from P281.50 million, while cost and expenses rose by 56.26% to P43.55 million from P27.87 million.

In the same comparative periods, Shang Properties grew net income by 30.23% to P825.78 million from P634.08 million, as revenues surged by 35.35% to P2.91 billion from P2.15 billion, while expenses increased by 29.92% to P1.65 billion from P1.27 billion.

Shares of Anglo Philippine and Shang Properties ended trading yesterday unchanged at P1.94 and P3.30 apiece, respectively. -- Cliff Harvey C. Venzon         

real estate central philippines
Copyright ©2008-2018