Alphaland takes in new investors

MANILA, Philippines—While battling a delisting move by the Philippine Stock Exchange, Alphaland Corp. has taken in new foreign investors to widen the company’s public float to meet the minimum 10 percent requirement.

The property firm led by businessman Roberto V. Ongpin  said Tuesday it had issued 109 million new common shares at P2.50 each to three new foreign investors. This raised its public float to 11.02 percent from 8.04 percent, the company said.

Furthermore, Alphaland said,  another investor—Goodwill Financial Services Co. Ltd.—has committed to invest $500,000 and subscribe to 8.8 million in new shares of the company.

“However, we were informed that it will remit payment only upon the lifting of the trading suspension. If the subscription is paid, the company’s public float would increase further to 11.28 percent,” the disclosure said.

No further details were given about Goodwill Financial.

Alphaland is also in the midst of a legal battle with British fund Ashmore, formerly a cornerstone investor but whose stake in Alphaland got diluted after a capital call made by the property developer.

Meanwhile, the three new foreign investors that recently subscribed to Alphaland were identified as Citadel Investments Ltd. (10 million shares);

Derek Arculli (10 million shares); and Fine land Ltd. (89 million shares).

“The subscriptions have resulted in a cash inflow of more than P272 million to the company, which the company sorely needs in order to maintain its operations,” the company said.

These new subscribers are not related to the company or any of its major shareholders, directors or officers, Alphaland said.

RELATED STORY

Alphaland to appeal delisting from PSE