Zipporah Realty sells entire stake in Ebedev

Publicly-listed property holding company Zipporah Realty Holdings Inc. is selling its entire stake in wholly-owned subsidiary Ebedev Inc., a property developer.

In a disclosure to the Philippine Stock Exchange, Zipporah assistant corporate secretary Patricia Bunye said that following a special meeting of the board of directors last July 30, the board decided to dispose all of its fully paid and non-assessable shares of stock in Ebedev for a still undisclosed amount.

Currently, Zipporah is negotiating with interested parties regarding the terms of such sale.

Ebedev’s first project, the Westmont Village Project along Dr. A. Santos Ave. in Sucat, Parañaque, started commercial operations in Jan. 1996.

The project, which consisted of two four-story buildings, catered to young urban professionals and the growing demand of the middle-income market for condominium projects.

Zipporah earlier said that one of its shareholders, Sta. Lucia Realty & Development, Inc. (SLR), has agreed to partially settle its obligations to creditors.

SLR has agreed to settle P61.07 million of Zipporah’s obligations through a property swap with Zipporah‚s creditors. In return, SLR’s equity in Zipporah would increase.

Currently, SLR is the third biggest shareholder in Zipporah with 166.63 million shares.

The arrangement is also under the condition that should any of the confirmed obligations be later found to be irregular and flawed, SLR would hold Zipporah free and harmless from any prejudice that may arise.

Zipporah was originally incorporated as a mining firm. However, it shifted its main line of business into real estate holdings and development with mining as its secondary purpose. Its main source of revenue comes from sales of real estate properties.