Upscale property developer Alphaland Corp. has complied with the 10-percent minimum public ownership required by the Philippine Stock Exchange, paving the way for the resumption of trade on its shares.
Alphaland, which is led by former Trade Minister Roberto V. Ongpin, said that last December, a key shareholder Alphaland Holdings (Singapore) Pte Ltd (AH) had sold 49.608 million common shares at P19 apiece.
The transaction was undertaken outside the trading facilities of the PSE. The buyer of the P942.55-million block of Alphaland shares was not disclosed.
The property company’s shares were last traded on the PSE at P19.50 a share on Dec. 28.
In a disclosure, the company said it learned of AH’s transaction only last Jan. 2. By that time, trading on Alphaland had been suspended because its public ownership fell below the PSE’s requirement.
Alphaland added that AH had paid in full to the Bureau of Internal Revenue the necessary documentary stamp tax (DST) amounting to P186,000 and submitted the documents proving that such a payment had been made.
AH likewise fully settled the capital gains tax with the BIR, amounting to P44.64 million.
“With the foregoing, Alpha wishes to assure the exchange and the investing public that it has exerted all efforts to comply with the minimum public ownership requirement,” the company said.
Alphaland president Mario Oreta earlier said the company had petitioned the PSE to allow the company’s shares to resume trading. Doris C. Dumlao