MANILA - The Securities and Exchange Commission has approved amendments to Polar Property Holdings Corp.’s Articles of Incorporation, paving the way for the consolidation of its resources and operations with retailer Manuela Corp.
In a disclosure to the Philippine Stock Exchange, Polar said the SEC gave the company the green light to increase its authorized capital stock from P5.5 billion divided into 5.5 billion common shares with par value of P1 each, to P17 billion divided into 16.9 billion common shares with par value of P1 per share and 10 billion preferred shares with par value of P0.01 per share.
The preferred shares are voting, cumulative, nonparticipating, non-convertible and non-redeemable.
The regulator also approved the change in Polar's corporate name to Starmalls Inc. The changes in the company's name and stock trading symbol to "STR" will be reflected on the bourse's trading system on July 3.
Polar had said it would issue up to 3.53 billion common shares out of the said capital increase in exchange for all the total outstanding shares of Manuela. Both companies are controlled by the family of Senator Manuel Villar.
The consolidation of the two companies through a share-swap transaction will strengthen the group’s presence in the retailing business as well as in the development of office space for the business process outsourcing industry.
Manuel underwent corporate rehabilitation following the Asian financial crisis in the late 1990s. The Villar family took over management in 2008.
Manuela has a portfolio of five malls with an aggregate gross floor area of 363,000 square meters and 1,777 tenants. It also owns the Worldwide Corporate Center in Mandaluyong City, a Philippine Economic Zone Authority-accredited IT building.
source: interaksyon.com
