FLI declares 100% stock dividend

Shareholders of Gotianun-owned Filinvest Land Inc. (FLI) are in for a windfall as the company declared a 100-percent stock dividend in line with a planned increase in authorized capital stock.

FLI Corporate information officer Barbara Aleli Briones said that in last week’s board meeting, the declaration of a 100-percent stock dividend was approved out of the company’s additional paid-in capital and unrestricted earnings to stockholders of record date to be set by the Securities and Exchange Commission.

She added the stock dividend will be taken from the planned increase in the company’s authorized capital stock, from P6 billion to P10 billion at P1 par value.

FLI stocks, among the consistently most active issues traded at the Philippine Stock Exchange over the past two months, closed five centavos higher yesterday at P2.65.

Aside from a healthier financial performance the past year, FLI was also seen to have benefited from the P1.2-billion convertible bond issue disclosed last February wherein it was able to pay off its maturing loans and substantially reduce its total debts, although this exercise was tainted by allegations of insider trading which the company denied.

In 2001, FLI posted a net income of P531.23 million on total revenues of P1.29 billion, propped up by strong sales of its low-and middle-class housing units.

FLI is one of the country’s largest residential real estate developers, offering a wide range of products from low-cost to high-end housing through its Pabahay, Futura Classic, Corte Bella and Excelion brands.

It also owns a 20-percent stake in Filinvest Alabang Inc., the developer of the 244-hectare Filinvest Corporate City, Festival Supermall, Northgate Cyberzone, Palms Country Club and various high-rise residential developments all located in Alabang, Muntinlupa City. – Conrado Diaz Jr.