High-end property developer Alphaland Corp. said Thursday it complied with the 10-percent minimum public float requirement of the Philippine Stock Exchange.
Alphaland said in a disclosure to the stock exchange shareholder Alphaland Holdings (Singapore) Pte. Ltd. sold 49.6 million common shares at a price of P19 apiece to an undisclosed. The deal was worth P942.4 million.
The sale brought the public ownership of Alphaland to 10.53 percent, meeting the PSE requirement.
Alphaland, whose trading of shares is currently suspended, said the transaction was done outside the trading facility.
The company said it had also paid in full to the Bureau of Internal Revenue the necessary documentary stamp tax worth P186 million and the capital gains tax amounting to P44.94 million.
With the foregoing Alphaland wishes to assure the exchange and the investing public that it has exerted all efforts to comply with the MPO requirement,รข€ Alphaland said.
Alphaland is one of the seven companies whose trading of shares was suspended at the start of the year because of their failure to meet the 10-percent minimum public ownership requirement.
Alphaland's public float was only 8.03 percent prior to the transaction.
Alphaland is a joint venture between British fund manager Ashmore Group and Ongpin group.
For latest information on the
Philippine Real Estate Industry and the Real Estate Service Act (RA9646),
please visit www.ra9646.com.ph.
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