REAL estate developer Alphaland Corp. plans to have its shares listed on a stock exchange outside the Philippines, as several foreign investors have expressed interest in the company.
In a statement, Alphaland said three foreign investors approached it last month with a view to having the company listed abroad. It did not elaborate.
“Discussions with the three foreign investors are ongoing,” Alphaland said.
Alphaland was formerly listed in the Philippine Stock Exchange (PSE), but was delisted by the PSE in 2014 for repeated violations of the disclosure rules.
The firm is also barred from applying and relisting for five years from the delisting date.
During the firm’s annual stockholders’ meeting on Tuesday, the company reported its pipeline of projects which include the Baguio Mountain Lodges and Balesin Gateway.
Balesin Gateway spans 1,000 hectares and will include an international airport and a hotel complex.
“This project is located in Patnanungan Island, which is only 22 nautical miles from Balesin Island,” Alphaland said.
Meanwhile, the firm reported it has acquired a 68-passenger ATR 72-500 aircraft for an undisclosed amount.
In 2015, the Alphaland posted a 30.9 percent rise in comprehensive net income at P7.2 billion from P5.5 billion the previous year.
“The company’s net worth increased by 19 percent from P37.5 billion in 2014 to P44.7 billion in 2015,” it said.
Alphaland is a engaged in various property sectors. Some of its projects include the Southgate Mall and Tower, Alphaland Makati Place and the Balesin Island Club.