Macondray changes name to Alphaland

MANILA, Philippines - Shareholders of Macondray Plastics Inc. have approved to change the name of the company to Alphaland Corp. and to raise the authorized capital stock from P400 million to P4 billion.

The change of corporate name follows the acquisition by the group of former trade and Industry Minister Roberto V. Ongpin of around 95 percent of Macondray.

Shareholders also approved changing Macondray’s primary purpose from a manufacturing company to a holding company.

Out of the P4.6-billion increase in capitalization, 1.27 billion shares will be issued to stockholders of Alphaland Development Corp. at a ratio of one Alphaland share for every 5.08 new shares of Macondray.

Macondray is applying for additional listing with the Philippine Stock Exchange (PSE) of 1.27 billion primary shares to be issued to stockholders of Alphaland Development out of the increase in capital stock.

Alphaland Development is a real estate firm owned by Ongpin’s group which includes British investment fund Ashmore Group.

Given the change in ownership, Macondray now has Ongpin as chairman of the board, while his nephew and former finance undersecretary Eric Recto serves as president of the company.

The Ongpin-Ashmore Group owns the Alphaland Southgate tower, which was acquired from the Puyat family for P1.3 billion in early 2008. It also owns a lot on Ayala Avenue in Makati City where it is building the Ashmore Ayala Tower.

Aside from this, the group earlier forged an agreement with the Boy Scouts of the Philippines to develop the Sime Darby property, also on Ayala, into a mixed-use complex Other major projects of Alphaland include Alphaland Bay City and Shangri-La at the Fort.