Villar ventures into mall, BPO leasing businesses

CEBU, Philippines - Polar Property Holdings Corp. and Manuela Corp., both controlled by the family of Sen. Manny B. Villar, approved the consolidation of their resources and operations via a share-swap transaction in a move that is designed to strengthen the group’s presence in the retailing business as well as in the development of office space for the business process outsourcing (BPO) industry.

During their annual meeting last June 18, 2012, stockholders of Polar Property Holdings approved the increase in the company’s authorized capital stock from P5.5 billion to P17.00 billion and the issuance of shares out of the same capital increase as consideration for its acquisition of a 98% equity interest in Manuela Corporation.

The stockholders also approved the change in name of the company to Starmalls Inc.

Villar assumed the position of Chairman of the Board of Directors of the Company. Also elected to the board were Jerry M. Navarette (President and Chief Executive Officer), Anant Asavabhokhin, Frances Rosalie T. Coloma (Chief Financial Officer, Treasurer and Chief Information Officer), Manuel Paolo A. Villar, and independent directors Joel L. Bodegon and Carolina C. Mejias. Mr. Asavabhokhin is the President and Chief Executive Officer of Land & Houses Public Company Limited, a public company listed in the Stock Exchange of Thailand which holds a minority interest in Polar Property Holdings.

The corporate move will make the renamed Starmalls, Inc. a major player in the retailing business and provide it a takeoff point to compete in the office space leasing business primarily for the booming BPO industry.

Manuela Corp. opened its first shopping mall in Las Piñas City in 1979 and three other malls between 1982 and 1996: Starmall Las Piñas Annex, Starmall EDSA in Mandaluyong and Starmall Alabang in Muntinlupa.

Forced to go into corporate rehabilitation following the Asian financial crisis in the late 1990s, Manuela, whose management was taken over by the Villar family in 2008, finally emerged from rehabilitation early this year.

In April 2012, or less than three months after the termination of its rehabilitation program, Manuela opened its newest mall, Starmall San Jose del Monte, a three-level structure with gross floor area of 35,700 square meters and the first shopping complex in the biggest city in Bulacan.

The project brought Manuela’s mall portfolio to five, with an aggregate GFA of 363,000 sqm and 1,777 tenants.

Manuela also owns the Worldwide Corporate Center in Mandaluyong City, which has been accredited by the Philippine Economic Zone Authority (PEZA) as an IT Building and currently houses some of the major BPO players in the country, including Sykes and Stream Global. (FREEMAN)