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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