Anchor Land trading suspended after it buys property firm

High-rise condominium developer Anchor Land Holdings Inc. on Thursday disclosed that it acquired another real estate company which owns five parcels of land in Binondo, Manila. Most of Anchor Land's projects are also located in Manila. In a statement to the Philippine Stock Exchange, Anchor Land it acquired the entire outstanding capital stock of Gotamco Investment Realty Corp. The PSE said it will impose a trading suspension on Anchor Land today pending disclosure of more details about the transaction. Gotamco Realty owns five parcels of land with an aggregate area of 3,065.70 square meters. No other details were disclosed. For the first nine months of 2007, Anchor Land said its net income jumped by 9 percent to P62.7 million on higher revenues. The company said revenues soared by 82 percent to P606.6 million in January to September 2007 period from P333.6 million in the same period in 2006. - Cheryl Arcibal, GMANews.TV