Anchor Land to raise capital to P3.6B

MANILA, Philippines - Anchor Land Holdings Inc. has secured the Securities and Exchange Commission’s approval to raise its authorized capital to P3.6 billion from P2.3 billion.

The capital hike is intended to support the 100-percent stock dividend declaration made by the company. Entitled to receive dividends are stockholders of record as of June 28. The payment date has yet to be fixed by the company,

Out of the P1.3-billion increase in capital, 346.67 million shares with a par value of P1 will be used to cover the stock dividends.

Anchor Land closed at P39.45 each share Friday, down 1.25 percent from P39.95 Thursday.

Anchor Land is eyeing a net income of P1 billion this year on the back of new product launches.

To achieve its goal, the company has set its capital spending at P4.5 billion to roll out six new residential projects and/or expansion phases as well as to shore up its land bank.

Among its new projects are Oxford Parksuites, Clairemont Hills, Admiral Baysuites II, SoleMare Parksuites phase III, One Executive Suites and One Soler.

Hoping to duplicate the success of Wharton Park Suites located in Chinatown’s “university belt”, the company is building another residential condominium to be called Oxford Parksuites.

Also in the pipeline is a three-story townhomes and medium-rise condominium project in San Juan City to be called Clairemont Hills.

Anchor Land will also redevelop a prime property near its Admiral Hotel redevelopment project along Roxas Blvd., into a premium commercial office building.

To beef up its retail portfolio, Anchor Land is building One Soler, an 18-story commercial center in the Divisoria area.