[ Published by: Manilatimes.net ] Tuesday, January 29, 2008
EIB Realty Developers Inc. disclosed to the Philippine Stock Exchange on Monday that it would raise its authorized capital stock, with a private investing group planning to take up a quarter of the amount.
The property unit of Export and Industry Bank Inc. said that majority of its stockholders approved the increase in capitalization from about P246 million divided into 1.37 billion common shares at P0.18 par to P2.95 billion divided into 16.37 billion common shares at the same par value.
Under the rules, 25 percent of the increase must be subscribed and a quarter of this should be fully paid up. Details for the private placement transaction, however, have yet to be threshed out by the management, the firm said.
Earlier, Export and Industry Bank said it would raise capital through private placements and a possible follow-on offering during the first half of this year, leading to the dilution of the bank’s stake in the property firm as the lender focuses on its core business. At present, the bank owns 72 percent of EIB Realty.
The fresh capital EIB Realty would raise are earmarked for its properties in Fort Bonifacio in Taguig, Tagaytay and Davao City. These are being developed into commercial and business process outsourcing projects.
Last year, EIB Realty divested its interest in One McKinley Place, a residential condominium joint venture project with Philtown in Fort Bonifacio. --Likha C. Cuevas-Miel
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