LISTED property developer Arthaland Corporation (ALCO) announced on Thursday that it has incorporated a new subsidiary to be able to acquire parcels of land in Cebu.
In a disclosure to the Philippine Stock Exchange, Arthaland said it has incorporated Cebu Lavana Land Corporation.
The firm said it has subscribed to 499,995 common shares of the newly incorporated firm at P100.00 per share, adding this was in line with the company’s plan of acquiring parcels of land in Cebu City.
“This wholly-owned subsidiary is the vehicle ALCO used to acquire two parcels of adjacent land in Cebu City, with a total area of 8,440 square meters,” the company said.
The firm however did not mention specific plans of development of the land it seeks to acquire.
“Further details of ALCO’s upcoming project will be disclosed as and when appropriate,” it said.
Arthaland engages in residential, commercial, leisure, and industrial projects. Its flagship project is the Arya Residences in Bonifacio Global City in Taguig.