By Jenniffer B. Austria | May. 01, 2014 at 12:01am [ manilastandardtoday.com ]
Property developer Alphaland Corp. said Wednesday it sold its entire 20-percent stake in Shangri-La at the Fort, a new hotel being constructed in Bonifacio Global City, for P1.7 billion.
Alphaland said in a disclosure to the stock exchange a wholly-owned subsidiary sold the 20-percent stake in the five-star hotel to subsidiaries of Shang Properties, which is owned by the Kuok Group of Malaysia.
A company source said Alphaland sold the stake in Shangri-La at the Fort not because of financial difficulty, but because of the attractive offer made by the Shangri-La group.
“We sold the 20-percent stake at premium. We nearly doubled our investment,” the source said.
Shangri-La at The Fort is a premier hospitality property located within the west super block of the Fort Bonifacio Global City in Taguig City.
The project, designed by award-winning architectural firm Skidmore, Owings & Merrill, is expected to be completed by the second quarter of 2015.
Shangri-La at The Fort is designed as a 60-story mixed-use business, hospitality, residential and retail tower at the corner of 5th Avenue and 30th Street.
Alphaland earlier raised P272 million from the sale of 109 million new common shares to three foreign investors.
The share sale generated additional cashflow for the company and increased its public float to 11.02 percent from 8.04 percent, making it compliant with the minimum public ownership requirement of the Philippine Stock Exchange.
Trading of Alphaland shares, however, remained suspended and the Philippine Stock Exchange had initiated delisting procedures against the property firm for alleged failure to submit full, fair, accurate and timely disclosures of information.
The trading of Alphaland shares was halted and subsequently suspended on Jan. 20, 2014, when the company accused Ashmore Group of conducting a simulated share sale.
Alphaland filed an appeal with the PSE to lift the trading suspension.