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Alphaland plans to sell P3.4b worth of shares

By Jenniffer B. Austria | Jul. 16, 2014 at 12:01am [ manilastandardtoday.com ]

Property developer Alphaland Corp. is raising P3.43 billion from the issuance of shares to fund real estate projects this year, even as the company asked for voluntary delisting from the local bourse.

Alphaland said in a disclosure to the stock exchange it would seek shareholders’ approval to issue up to 1.374 billion common shares at P2.50 apiece, “as financing alternatives in order to augment funding of its affiliates’ projects for the year 2014.”

Alphaland said it planned to issue 600 million shares to RVO Capital Ventures Corp. of businessman Roberto Ongpin, 108.336 million shares to Alphaland’s minority shareholders and 557.567 million common shares. The company will also issue up to 109 million common shares to new investors.

It said it would use proceeds from the share sale to pay for the acquisition of a property in Itogon, Benguet for the Alphaland Baguio Mountain Log Homes project.

Meanwhile, Alphaland said it expected the PSE to eventually grant its proposal to voluntarily delist from the exchange.  Alphaland said the Ongpin group and the Ashmore group were supportive of voluntary delisting.

“However, with the signing of that definitive agreement, [the settlement between Ongpin and Ashmore] management expects that the PSE will eventually grant Alphaland’s application for voluntary delisting,” Alphaland said.
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