Sinophil gets shares, property for unpaid divididends

Belle Corp. agreed to transfer some membership shares and a property with a total value of P1.2 billion to listed investment holding company Sinophil Corp. to settle unpaid dividends. In a joint statement, Belle and Sinophil said they had entered into a settlement agreement that will eventually cancel the preferred shares own by the latter. The listed property developer would convey its 220 membership shares in Tagaytay Midlands Golf Club Inc. and 235,583 square meters of land in Tanauan, Batangas. The settlement agreement will enable Belle to “eliminate the overhang" resulting from the outstanding preferred shares that it has carried in its books over the years. Sinophil, which incurred a P2.7-million loss during the first half, said the asset which it has held on to for several years would be converted into a “more readily liquefiable asset." Belle, whose projects are in development projects are in Tagaytay City and Batangas, expects future revenues to come from Lakeside Fairways and Fairfield, a project adjacent to the Verandas at Saratoga Hills. It posted 117 percent increase in net income during the first semester to P84.9 million on higher realized income from realized real estate operations. On Friday, Belle shares were unchanged at P1.26 while Sinophil shares closed weaker at P0.25.-Ruby Anne M. Rubio, GMANews.TV