By Jenniffer B. Austria | Nov. 18,
2014 at 11:30pm
Suntrust Home Developers Inc., a
listed property management company, said Tuesday its shareholders approved a
P20-billion increase in authorized capital stock to P23 billion from P3
billion, as the company ventures into real estate development.
Suntrust said it would hike the
capital to P23 billion, divided into 23 billion common shares with a par value
of P1 apiece, from current P3 billion, divided into 3 billion common shares
with a par value of P1 apiece.
The capital hike will be funded by the
rights offering where existing shareholders would be entitled to subscribe to
2.5-offer shares, for every one share owned.
Suntrust president Ferdinand Masi said
during the annual stockholders’ meeting the company planned to use the proceeds
from the planned stock rights offering to finance acquisition of properties.
“The company intends to engage in real
estate development and is currently considering properties for acquisitions,”
Masi said.
Suntrust was originally incorporated
on Jan. 18, 1956 under the name Ramie Textiles Inc. and was originally
authorized to engage in the manufacturing and sale of all types of ramie
products. It changed its name from
Fairmont Holdings to the present name in 2002.
The company currently does not have
any business operations, but its subsidiary First Oceanic Property Management
Inc. is involved in property management of residential and office buildings and
private estates.
FOPMI also owns a 100-percent stake in
CityLink Coach Services Inc., which provides transport and shuttle rental
services in Metro Manila and nearby provinces.
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