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Condo developer gets clearance to dissolve subsidiary

Posted on December 19, 2013 10:16:51 PM [ BusinessWorld Online ]

THE CORPORATE REGULATOR has approved the dissolution of a unit of listed condominium builder Cityland Development Corp.

Asian City and Land Development Corp.’s dissolution was cleared by the Securities and Exchange Commission (SEC) last Dec. 2, according to an SEC certification attached to a Cityland disclosure yesterday.

The dissolution was first approved by its board in December 2004, Cityland Executive Vice-President Rufina C. Buensuceso said in a telephone interview yesterday.

“It (Asian City) never had operations, so the board decided to just dissolve it back in December 2004,” Ms. Buensuceso said.

Cityland has various condominium projects in Metro Manila.

The company last month secured SEC clearance to sell P1.4 billion worth of commercial papers.

Cityland’s net income rose 4.37% to P400.31 million as of end-September from P383.56 million in the same nine months last year on better cost management.

In the same comparative periods, revenues went up 3.62% to P1.38 billion from P1.33 billion, while cost and expenses fell 7.19% to P847.46 million from P913.11 million.

Its shares were last traded on Nov. 27 at P1.14 apiece. -- CHCV     
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