ATR-Kim Eng group to develop former Philtread tire plant in Muntinlupa

Filipino-Singaporean investment firm ATR Kim Eng Financial Corp., will issue an additional one million shares in property company Sucat Land to beef up its capitalization to P410 million from P310 million.

Proceeds from the issuance of shares will be used to refinance maturing obligations with longer-term funds.

ATRKE Financial said the scheme will allow holders of the preferred shares to benefit from Sucat Land’s upside once the residential commercial development project goes in full swing as the stock would have convertibility features.

Sucat Land is now preparing for the development of a 9.7- hectare property in Muntinlupa City. It may enter into partnerships with more than one institution for the project.

The company will maintain its position as landowner/developer while the joint venture partner will contribute to the construction, technical and marketing expertise and provide for and/or arrange the funding for the development of the property.

Sucat Land gained ownership of the Muntinlupa property when Philtread Holdings Corp., the predecessor of ATRKE Financial, ceased its tire manufacturing operations in 1994. The property used to house Philtread’s tire plant.