ARTHALAND Corp. is infusing P710 million into subsidiary Zileya Land Development Corp. as part of acquiring a property for a new project.
The company is subscribing to 7.1 million preferred shares of Zileya Land at P100 apiece, Arthaland said in a regulatory filing on Thursday.
Zileya is in the process of completing the acquisition of a property that will serve as the location of a new unnamed sustainable development, Arthaland said.
The share subscription, approved by Arthaland’s board on Jan. 22, will be issued from Zileya Land’s proposed increase of its authorized capital stock by 20 million preferred shares at a par value of P1 per share, which is awaiting approval from the Securities and Exchange Commission.
Currently, Zileya’s authorized capital stock is P200 million, consisting of 1.5 million common shares with a par value of P100.00 each and 500,000 preferred shares with a par value of P100.00 apiece.
Arthaland will pay its subscription in full on or before March 31 and this will be recorded as deposit for future subscription in the meantime.
In its 2023 annual report, Arthaland said that Zileya Land is the investment vehicle used by the company to acquire 47.4% of a property, which will be the site for a residential project in Legazpi Village, Makati City.
Meanwhile, Arthaland said its board approved to lower its authorized capital stock by P10 million to P3.016 billion from P3.026 billion.
“The foregoing decrease in the authorized capital stock corresponds to the preferred shares Series C redeemed by the corporation on June 27, 2024,” Arthaland said.
Arthaland is a boutique real estate developer that has business interests in the development of residential, commercial, and leisure properties.
Some of its projects include the Arya Residences, Arthaland Century Pacific Tower, Cebu Exchange, Savya Financial Center, Sevina Park, and Lucima.
Arthaland shares were unchanged at P0.345 per share on Thursday. — Revin Mikhael D. Ochave
