LISTED property developer Arthaland Corp. is investing P1.7 billion in its subsidiary Pradhana Land, Inc. for a future project.
Arthaland will subscribe to 17 million preferred shares of Pradhana at P100 apiece, the property developer said in a regulatory filing on Thursday.
“This is the investment vehicle that will be used by the corporation for its future project, the details of which will be disclosed at the appropriate time,” Arthaland said.
“Preferred shares are voting and have such features as the Pradhana board of directors prescribe, but in no case shall such shares be cumulative or redeemable at the option of the holder,” it added.
Pradhana Land was incorporated in September 2019 with the primary purpose of engaging in the real estate development business.
Recently, Arthaland subscribed to 180,000 preferred shares of subsidiary Bhavya Properties, Inc. at P100 per share, equivalent to P18 million.
The additional equity will fund Bhavya’s working capital requirements while ensuring compliance with its financial covenants.
Bhavya is developing the Eluria luxury residential condominium project in Makati. It is a 31-storey luxury residential project with large and limited edition designed residences.
Eluria will feature a heated saltwater leisure and lap pool, an indoor children’s playroom, a function hall, a potager garden at the roof deck, and chauffeur shuttle services to select nearby destinations.
On Thursday, Arthaland shares were unchanged at 41 centavos per share. — Revin Mikhael D. Ochave
