Stock News 2012: Swift sells P500-million Mandaluyong property to DMCI

Swift Foods Inc. is selling P500 million worth of property located at its headquarters in Mandaluyong City to DMCI Project Developers Inc.

In a disclosure to the Philippine Stock Exchange on Friday Swift said its board approved the sale of three parcels of land on Sheridan St. with a total area of 11,116 square meters at P45,000 per sqm.

The sale is in line with Swift’s efforts to pay down its debt.

Based on earlier filings with the local bourse, Swift said it would pursue the sale of non-performing assets to settle outstanding obligations.

Despite its liquidity problems, Swift management said it would continue to find ways to address pressing matters.

Only its farm in Palawan will remain operational and continue to produce quality Swift Sariwanok chicken, Swift said.

Swift incurred a net loss of nearly P70 million in the nine months ending September 2011, slightly higher than the P68.9 million loss recorded a year before on lower sales.

Net sales slid 33 percent to P304.34 million.

In the third quarter of 2011 alone, Swift’s net loss amounted to P12.35 million or a decrease of 75.5 percent from the P50.38 million posted the previous year.

http://www.philstar.com/Article.aspx?articleId=790644&publicationSubCategoryId=66

Stock News 2010: Globe Asiatique withdraws P3.4B IPO as BDO resigns as underwriter

Image via Wikipedia

MANILA, Philippines -- Beleaguered housing developer Globe Asiatique Realty Holdings Corp. has withdrawn its P3.4-billion initial public offering (IPO) after its underwriter resigned on the heels of reports about the former's questionable loan transactions with state-run Home Development Mutual Fund (Pag-Ibig Fund).

In a circular posted on Monday, the Philippine Stock Exchange said BDO Capital and Investment Corp. had advised Globe Asiatique about its resignation as the issue manager and lead underwriter for the proposed IPO.

"As the Exchange would no doubt appreciate, the resignation of BDO Capital will cause obvious insurmountable difficulties to our ability to launch a successful initial public offering, especially at this stage of the process," Globe Asiatique chief finance officer Dexter Lee said in a letter dated September 6 that posted by the PSE on the same day.

BDO Capital's resignation came in the midst of a controversy over nearly P7 billion in Pag-IBIG housing loans that Globe Asiatique had reportedly taken out on behalf of nearly 9,000 borrowers in Xevera Bacolor and Xevera Mabalacat, two of the firm's housing projects in Pampanga. Hundreds of the loan accounts allegedly turned out to be spurious with an undisclosed number of borrowers not even aware they had applied for and been granted Pag-IBIG loans.

But Globe Asiatique said it still believed "very strongly" in the soundness of its business plan and model.

"GA still believes that it does still offer an extremely attractive investment for the public and hopes to one day be able to realize its goal of launching a successful IPO on the Exchange," Lee said.

"As such, we are continuing to have discussions with potential private investors at this stage and we envisage reapplying to the Exchange for approval to launch another IPO at a later point in time," he said.

Pag-IBIG, for its part, is now preparing to file charges against Globe Asiatique for alleged fraudulent use of the agency's housing loans. Globe Asiatique, has denied all the allegations, claiming that the company has had an unblemished record with Pag-IBIG Fund.

At the House of Representatives, at least three resolutions have been filed, seeking an inquiry into the housing loan mess. These were filed sponsored by Majority Leader Neptali Gonzales II of Mandaluyong City, Pampanga Representative Aurelio Gonzales Jr. and Cavite Representative Elpidio Barzaga Jr.

Doris Dumlao

September 6, 2010

http://business.inquirer.net/money/topstories/view/20100906-290834/Globe-Asiatique-withdraws-P34B-IPO-as-BDO-resigns-as-underwriter

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Stock News 2010: Cityland unveils new condo project in Mandaluyong

Image via WikipediaMANILA, Philippines - Listed property developer Cityland Development Corp. has launched a 40-storey residential condominium in Mandaluyong City called Grand Central Residences.
The development will be located right in the middle of shopping malls Shangri-La Plaza, SM Megamall, Edsa Central and Star Mall.
It will offer studio, one-, two- and three-bedroom units at an easy payment scheme of up to 10 years on a first come-first served basis. Discounts are also offered over a limited period to the first few buyers.
The condominium will feature amenities like a multi-purpose function room, swimming pool, gym, closed circuit television system, multi-purpose deck and others.
Cityland shares last traded at P1.60 apiece on July 27.
http://www.abs-cbnnews.com/business/08/02/10/cityland-unveils-new-condo-project-mandaluyong

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