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STA. Lucia Land Inc. told the Philippine Stock Exchange on Thursday
that it sold its Makati properties to Alphaland Corp. to help
finance its projects nationwide.
In its disclosure, Sta. Lucia, formerly Zipporah
Realty Holdings Inc., said it executed a contract to sell a combined
2,400 square meters for P820 million to Alphaland. Sta. Lucia said
it plans to use the proceeds of the sale to finance its projects in
Iloilo and other parts of the country. It disclosed that it would
spend P2 billion this year for its condominium projects in Tagaytay
and Quezon City.
Last year, the property firm conducted a
backdoor listing of its shares in the local bourse by buying into
Zipporah, a stagnant company. The merged entity also increased its
authorized capital stock from P2 billion to P21 billion.
The acquisition was made possible as Sta. Lucia
agreed to partially settle Zipporah’s P40.722 million worth of
debts. The first batch of loans that Sta. Lucia shouldered amounted
to P61.070 million. Approval for the second batch of obligations
worth a combined P43.479 million was given on November 10, 2006.
Zipporah started as a mining firm and later on
evolved into a real estate holding and development company, with its
mining operations ceasing in 1998. Its subsidiary launched Westmont
Village Project in Sucat, Parañaque and started operating in 1996.
-- Likha C. Cuevas-Miel
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