SUMMARY
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MANILA, Philippines – The shares of Alphaland, the property firm led by businessman and former trade minister Roberto Ongpin, soared 50% to P29.25 when it resumed trading on Friday, March 1.
Friday was the first time Alphaland shares were traded after the Philippine Stock Exchange (PSE) lifted its two-month-long trading suspension.
Its shares were last traded on December 28, 2012, closing at P19.50. Alphaland was among almost about 10 listed firms that were slapped with trading suspension in January for failing to meet the 10% minimum public ownership rule, which is part of capital market reforms.
It complied with the rule in February after a shareholder, Alphaland Holdings (Singapore) Pte. Ltd., sold 49.6 million shares in the company at P19 per share.
With the share sale, Alphaland’s public float has increased to 10.53% from 8.03%. Its shares’ trades are also to subject to tax perks available to listed firms.
Alphaland is a joint venture between a fund management by London-based private equity firm Ashmore Group, and Ongpin-led RVO Capital Ventures Group.
Its property portfolio includes high-end projects, such as residential condominiums (Alphaland Makati Place), commercial buildings (Alphaland Tower), resorts and tourism projects (Balesin Island Club in Quezon, Boracay Gateway Country Club in Panay Island, and Alphaland Bay City in Pasay City). – Rappler.com
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