Businessman Roberto Ongpin INQUIRER FILE PHOTO
MANILA, Philippines — Former trade minister Roberto V. Ongpin and his associates have raised collective interest in property developer Alphaland Corp. to 50.57 percent, diluting the interest held by British fund Ashmore with which business relationship has turned sour.
The increase in stake was achieved following a capital call on which Ashmore, previously the company’s single largest majority shareholder defaulted, Ongpin’s group said in a press statement on Tuesday.
Ashmore previously controlled 69.4 percent of Alphaland.
The statement said that due to Ashmore’s refusal to fund Alphaland, Ongpin and his group has been funding Alphaland with P1.5 billion, beginning 2013. On January 2, 2014, an Alphaland board meeting was held at which a capital call from all shareholders was approved and the deadline set for Jan. 15.
If Ashmore failed to meet the payment, its holdings would be diluted. Ashmore responded by asking the Makati Regional Trial Court for an ex parte temporary restraining order to stop the implementation of the capital call. However, Ashmore’s court petition was denied.
Ongpin’s group said that with the lapse of the deadline, the group has come to own 50.57 percent of Alphaland’s outstanding shares with control of 13 board seats.
Ashmore’s stake was diluted to 24.41 percent, with two board seats. This percentage includes the 2.5 percent block that Ashmore earlier misrepresented as having been sold.
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