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May 15, 2012, 9:09pm
MANILA, Philippines - The Villar family is listing their mall chain via the backdoor by merging it with the family-controlled Polar Property Holdings Corporation which will be renamed Starmalls Inc.
In a disclosure to the Philippine Stock Exchange, Polar said its board of directors has approved and authorized the execution of a series of transactions for the purpose of effectively consolidating the resources, businesses and assets of Polar and Manuela Corporation.
Under the plan, Polar will emerge as the holding company for all, or substantially all, of the outstanding shares of Manuela. Manuela is engaged in the business of development, establishment, operation and leasing of commercial malls and office spaces.
The Polar board also approved the change of its corporate name to Starmalls, Inc. and the corresponding amendment of its Articles of Incorporation.
To implement the transactions, the Polar board approved the increase in the authorized capital stock of Polar from P5.5 billion to P17 billion.
It also approved the issuance of up to 3.53 billion common shares out of said capital increase in favor of the shareholders of Manuela in exchange for all or substantially all of the total outstanding shares of Manuela.
The Villars’ Starmall Group is spending P15 billion over the next five years as it embarks on a nationwide expansion which will include the opening of new malls in Visayas and Mindanao.
Kicking off the nationwide expansion is the opening on April 15 of the three-level Starmall San Jose del Monte in the fast-growing “Northern Gateway of Manila.”
Starmall San Jose del Monte, the sixth in the Starmall Group’s growing chain of malls, has a total lot area of 52,522 square meters, which brings the combined area of the group’s malls to 400,000 square meters.
The five other existing malls are Starmall Annex in Las Pinas City. Starmall EDSA Shaw, Starmall Alabang, Starmall Las Pinas and Worldwide Corporate Center.
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