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News Real Estate to hike capital stock
News Real Estate to hike capital stock
| to hike capital stock |
| Monday, 23 July 2007 11:32 | ||||||
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Fil-Estate Chairman and Chief Executive Robert John L. Sobrepeña said the increase in authorized capital, which represents the amount of capital a company can raise through equities, should take effect in the fourth quarter as the construction for its projects are expected to start between January and June next year. "There is a lot of projects in the pipeline, projects that will be launched both solely by Fil-Estate, as well as co-developments. There is also an interest seen from investors to put in money and we feel that the five billion increase in the past is no longer enough to take care of all the investment that will be coming in through Fil-Estate," he said in an interview. In a disclosure to the Philippine Stock Exchange (PSE), Fil-Estate Corporate Secretary Gilbert Raymund T. Reyes said the company will seek the approval of its stockholders to increase its authorized capital stock to 10 billion shares from the existing 5 billion during its annual stockholders’ meeting next month. Last June, Fil-Estate earned an approval from the Securities and Exchange Commission and the PSE for the increase of its authorized capital stock to 5 billion from 2.8 billion shares. 2TradeAsia Research Head Grace Cerdenia sees the authorized capital hike as a positive move for Fil-Estate land. "The timing, typical to other real estate companies that have already raised funds, appears right. Interest rates are low, prospects for construction are very buoyant and there is government support on infrastructure," Ms. Cerdenia said in a separate interview. Fil-Estate shares, closed two centavos lower at P1.08 on Tuesday. Mr. Sobrepeña said news on the capital hike may push the company’s stock price higher given the "renewed interest in the market and the massive launches" that Fil-Estate will be embarking on. Fil-Estate has a 3,000-hectare land bank up for development, which Mr. Sobrepeña said could last the company for another ten years. "We are going through various development efforts to create inventories out of it," he added.
Tags: infrastructure construction development quot;renewed stockholders development inventories 2tradeasia authorized commission
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