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
______________________________________________________________
