Polar is controlled by Adelfa Properties Inc., one of the companies owned by the family of Sen. Manuel Villar.
Of the P1 billion increase, P743.29 million has been subscribed and paid by Household Development Corp. (P26.76 million), Adelfa Properties (P151.62 million) and Althorp Holdings (P564.91 million).
Polar earlier sold a 25.3-percent stake to one of Thailand’s leading property developers, Land and House Plc.
Polar was incorporated primarily to pursue mineral exploration. The company’s exploration activities, however, did not yield commercially feasible mineral finds. This prompted the company’s previous management to shift its business focus to real estate in 1988. In 1992, it acquired and subsequently developed Polarville Subdivision in Caloocan City.
At present, the company does not have any significant operations and in view of the economic crisis, has deferred expansion plans.