Filinvest shareholders okay capital hike to P17B

MANILA, Philippines - Shareholders of Filinvest Development Corp. approved yesterday the company’s plan to raise its capital stock from P10 billion to P17 billion.

The new capitalization consists of five billion common shares and two billion preferred shares, all with a par value of P1.

The shareholders also approved the placement of three billion FDC shares owned by ALG Holdings Corp., of taipan Adrew Gotianun which owns 76.7 percent of FDC.

FDC will issue the same amount of shares to ALG Holdings. The new common shares will be listed on the Philippine Stock Exchange.

The Filinvest Group has been in the residential business for over 45 years and has developed over 2,000 hectares of raw land into homes for more than 110,000 families, as well as over 600,000 square meters of office/retail and high-rise residential space.

The group’s newest product line through property unit Filinvest Land Inc. – medium-rise buildings (MRBs) – continues to generate robust sales for the company. These are inner city projects with several five-story buildings clustered around the project’s central amenity area.

Currently, the MRB projects include One Oasis Ortigas, Bali Oasis, Sorrento Oasis and Capri Oasis, all in Pasig City, and Maui Oasis in Sta. Mesa, Manila, all located within Metro Manila. The company also has One Oasis projects in Cebu City and Davao City.