Manila Bay Development junks Supercity backdoor listing

MANILA, Philippines — Manila Bay Development Corp. (MBDC) will no longer proceed with the backdoor listing of dormant firm Supercity Realty Development Corp. due to unfavorable market conditions.

In a disclosure yesterday, Supercity said MBDC had decided to abandon its plan, thus the backdoor listing would no longer push through.

Supercity said it shall continue to serve institutional or corporate clients and focus on the construction of horizontal residential house and land development works for residential subdivisions.

Last June, Supercity said its board of directors approved the issuance of 990 million new common shares to MBDC for a property-for-share swap arrangement.

Supercity also approved to raise its authorized capital stock to P1.5 billion from P155 million.

“The increase in authorized capital stock shall enable the corporation to secure properties along Roxas Boulevard, within the Reclamation Area of the Bay City (Boulevard 2000) development in Parañaque City, which would be a source of recurring rental income or future income from development projects,” Supercity said.

Supercity listed with the Philippine Stock Exchange in 2003 to engage in the business of construction and related services and activities.

In February 2008, Supercity decided to wind down the its construction business and re-focus its activities into real estate development.