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Showing posts with label Pasig. Show all posts
Showing posts with label Pasig. Show all posts

Wednesday, April 24, 2013

Stock News 2013: Supreme Court affirms dismissal of civil case vs SM Prime Holdings

English: Skyline of Cebu City
English: Skyline of Cebu City (Photo credit: Wikipedia)

The Supreme Court affirmed the decision of the Pasig City Regional Trial Court in dismissing the civil case filed against SM Prime Holdings Inc. for non-payment of P76.8 million amusement tax incentive reward from 2003 to 2008.

In a decision by the high court’s first division through Associate Justice Martin Villarama, the Pasig Court’s ruling is proper and does not indicate that it is abdicating its jurisdiction over the case.

The Film Development Council of the Philippines filed the case against SM to collect the P76,836,807.08 from SM Cebu.

The civil case in Cebu, meanwhile, was filed by the Cebu City Government seeking to declare as invalid a provision of Republic Act 9167 or the law creating the Film Development Council of the Philippines which requires cities and municipalities in Metropolitan Manila and highly urbanized cities nationwide to deduct from theaters and cinemas amusement tax that will be used as reward for film producers who can make high quality films.

Cebu City government argued that the provision violates the Local Government Code specifically the provision which gives LGUs taxing power.

SM sought to dismiss the case filed in Pasig saying it has been religiously remitting amusement tax to the Cebu City government and informed the court of a similar case in Cebu, adding that its motion for intervention with the Cebu Court has been granted.

The Pasig Court granted SM’s motion to dismiss on the ground that there is a pending case in a Cebu Court.

The high court in its ruling agreed with the Pasig Court’s ruling that the Cebu Court is in the best position to rule over the case.

“A party is not allowed to vex another more than once regarding the same subject matter and for the same cause of action. This theory is ‘founded on the public policy that the same subject matter should not be the subject controversy in courts more than once, in order that possible conflicting judgments may be avoided for the sake of the stability of the rights and status of persons and also to avoid the costs and expenses incident to numerous suits,” the high court said.


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Wednesday, July 18, 2012

Stock News 2012: Cityland unveils Pines Peak residential condo in Mandaluyong

Mandaluyong cityMandaluyong city (Photo credit: Wikipedia)
Cityland Development Corp. (CDL), a member of the Cityland Group of Companies, has unveiled its newest project, the 27-story medium-sized residential condominium Pines Peak, in Mandaluyong City.

In a disclosure to the Philippine Stock Exchange, CDC said Pines Peak, which will rise along the corner of Union and Pines streets in Mandaluyong, is targeted towards the fast-paced Filipino family.

Pines Peak will have more than 1,000 units with sizes ranging from 16 square meters to 40 square meters. Each floor may house 50 units.

A studio unit may sell for around P1.2 million while one-bedroom units may be priced at around P1.5 million each. Two-bedroom units may be sold at P2.1 million to P3.1 million each.

Amenities include a swimming pool, multi-purpose function room with movable playset, viewing deck and 24/7 security.

CDC said friendly and flexible payment terms are available to interested buyers. Special discounts will also be given for the early buyers during the project’s launch.

The Cityland Group is a trusted name in the real estate industry given its track record of developing condominiums. It has been in the real property development business for over 25 years.

Aside from CDC, the group has two other units – City and Land Developers (CLD) and Cityland Developers.

CDC was formed in 1978 to engage in the development of land for residential, office, commercial, institutional and industrial uses. The company’s projects include medium to high-rise offices, commercial and residential condominiums located in Makati, Mandaluyong and Ortigas in Pasig, and farmlots in Bulacan and Cavite. – Zinnia dela Peña

CLD, on the other hand, caters to the low-to-middle income segments since its projects are offered at affordable prices. It developed residential units in Paranaque as well as an office and residential condominium project in Ortigas Center.


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Friday, July 13, 2012

Stock News 2012: SM keeps Ortigas bid alive

English: Picture of the Greenhills Shopping CenterEnglish: Picture of the Greenhills Shopping Center (Photo credit: Wikipedia)The giant conglomerate headed by the country’s richest man says its offer for the 34 percent stake held by British banking giant HSBC in the holding company that owns the 16-hectare Greenhills shopping complex is still on the table despite a strategic alliance entered into by some members of the Ortigas family with Ayala Land Inc. (ALI).

On the sidelines of the signing of a three-year branding partnership between PLDT and SM’s newly established events venue Mall of Asia, SM Investments Corp. (SMIC) director Hans Sy said: “The offer still stays. We’re waiting for formal discussions. We have placed an offer which they have acknowledged. The offer is for the whole 34 percent stake held by HSBC.”

The Ortigas family exercised its right of first refusal over HSBC’s stake in OCLP Holdings Inc. in a deal valued at P11 billion. A group led by Ignacio R. Ortigas entered into a partnership with ALI to participate in the development of various properties owned by the landed Ortigas family, which include large residential, office, retail and hotel components.

ALI earlier said it had the backing of majority of the Ortigas family members, which should give it a foothold in Ortigas. It believes that its strategic partnership would gain overall management control of the private holding firm.

Sy said that while they are still waiting for the Ortigas family’s reply, they prefer to have control of the company but can “ adjust depending on the outcome of negotiations.”

ALI and SMIC, however, have yet to wait for the expiration of the lock-up period imposed on buyers for HSBC’s stake before they could own a stake in Ortigas & Co.

The Sy family was the first to make a pitch for HSBC’s stake in the Ortigas-led holding firm but the Ortigas family members eventually decided to buy out HSBC’s stake. In April, the Sy family said it was close to acquiring a controlling stake in OCLP Holdings, which would allow the SM group to capture the biggest share of the retail market in the burgeoning Ortigas-Pasig-Mandaluyong area.

The Ortigases, whose historic roots date back to the 300-year Spanish colonial rule, are among the largest landowners in the country. They developed upscale residential subdivisions Valle Verde and Wack-Wack as well as the 77-unit Luntala townhouse project within Valle Verde 6.

Aside from the Greenhills shopping center, the group’s retail portfolio also includes the 18-hectare Tiendesitas in Pasig, residential development located on a 12-hectare property in Calle Industria in Bagumbayan in Quezon City, and the P25-billion Capitol Commons, which will rise on a 10-hectare property, which was previously occupied by the Rizal Provincial Capitol.

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Thursday, June 14, 2012

Stock News 2012: Andrew Tan's Empire East sets P20-billion capex over 5 years

English: Pasig Rainforest in Pasig City, Phili...English: Pasig Rainforest in Pasig City, Philippines (Photo credit: Wikipedia)
Empire East Land & Holdings Inc., the middle-income residential property arm of tycoon Andrew Tan, is setting aside up to P20 billion over the next five years to accelerate product launches, put on stream new phases in ongoing projects, and tap into new growth opportunities as well.

In a briefing following the company’s annual stockholders meeting yesterday, Empire East president Anthony Charlemagne C. Yu said they are planning to roll out 5,000 new residential units this year as the company aims to double its reservation sales to P15 billion.

The firm expects net profit to rise 15 to 20 percent this year, Yu said.

In the first quarter this year, Empire East raked in reservation sales of P3.25 billion, an unprecedented growth of 121 percent from P1.47 billion the previous level. The figure is already more than 40 percent of Empire East’s reservation sales for the whole of 2011.

Notwithstanding the uncertainties on the global front, Empire East remains optimistic on the real estate sector given strong overseas remittances, increased revenues from the BPO sector, and a booming tourism industry, Yu said.

He said the company is committed to making home ownership an affordable and accessible reality by focusing on innovation, quality engagement, operational excellence and cost optimization.

Empire East is building Rochester, a combination of 10 mid- and high-rise buildings in Pasig City with a total of 2,100 residential units; and Kasara, a resort-inspired residential community near C-5 Road in Pasig.

With Kasara, the company hopes to tap an underserved market of Filipinos moving toward healthy, green and stress-free living.   The project features 2,000 studios and one- to three-bedroom homes.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=816593

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Tuesday, May 29, 2012

Stock News 2012: Puregold acquires Parco Supermarket

Puregold San MateoPuregold San Mateo (Photo credit: Wikipedia)
Listed supermarket chain operator Puregold Price Club Inc. has added Parco Supermarket to its growing retail portfolio.

In a disclosure to be Philippine Stock Exchange, Puregold said the acquisition will further expand its foothold in the C and D market segment.

“Puregold Price Club Inc., through the resolution issued by its Executive Committee on May 25, acquired 519,111 shares or the whole outstanding capital stock of Gant Group of Companies Inc.,” the company said.

Gant Group is the owner and operator of 19 branches of Parco Supermarket, which includes Pasig, Quezon City, Caloocan, Taytay in Rizal province and Meycauayan in Bulacan.

The shares were purchased from the Ong family, particularly from Dolores Ong, Patrick Richard Ong, Katrina Cindy Ong, Genevieve Mae Ong and Margaret Brigitte Ong. Puregold did not disclose the purchase price.

“Upon takeover, the stores will use the Parco brand,” Aida B. de Guzman, vice-president for marketing and business development of Puregold, said in a text message.

“With the Parco acquisition, our market coverage will expand, as Parco was able to establish loyal customer base of both C and D customers and resellers in the areas where they operate over the 29 years that they have been operating,” De Guzman said.

In April, Puregold completed its acquisition of upscale S&R Membership Shopping Club through a P16.5-billion share swap.


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