Alphaland says P270.8M stock rights offer aims to preserve minority shareholdings

Ongpin-led property developer Alphaland Corp. is raising P270.8 million from a stock rights offering aimed at preserving the interest of minority shareholders.

 

In an e-mailed statement Wednesday, Alphaland said it is offering 108 million new shares at P2.50 per share.

 

"As part of the capital call done last January 2, we made a commitment to our minority shareholders to protect them from dilution," the statement read.

 

"Now, that commitment is being fulfilled without delay by allowing minority shareholders to subscribe to new shares of Alphaland at the same P2.50 price per share," it added.

 

The offer period is from February 3 to 7, 2014. Any shares not taken up in the offering will be acquired by underwriter Unicapital Securities Inc.

 

"The proceeds will be used to partly fund the working capital and capital expenditure requirements of the company," according to the statement.

 

Last Jan. 21, Alphaland issued new shares to stockholders owning more than 10 percent equity, which diluted former majority shareholder UK-based Ashmore group.

 

The Ongpin group, through RVO Capital Ventures Corp., now owns 50.57 percent of Alphaland and 13 board seats, while Ashmore’s holdings was reduced to 24.41 percent and two board seats.

 

Like the shares issued in line with the previous capital call, shares in the latest stock rights offering will also be applied for listing on the Philippine Stock Exchange. – Danessa Rivera/VS, GMA News