Businessman Roberto Ongpin and his associates saw their stake in Alphaland Corp. expanding to 50.57 percent after a capital call, on which the Ashmore group, Alphaland’s former single largest majority shareholder, defaulted.

A disclosure to the Philippine Stock Exchange (PSE) on Monday showed that Ashmore committed a serious irregularity, in which the company misrepresented a 2.5-percent block of shares as having been sold, in order for Alphaland to meet the required 10-percent minimum float of the bourse.

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