Alphaland sells stake in Shangri-La <b>hotel</b> to <b>Malaysia's</b> Kuok Group - Hotel in Malaysia Blog |
| Alphaland sells stake in Shangri-La <b>hotel</b> to <b>Malaysia's</b> Kuok Group Posted: 30 Apr 2014 04:17 AM PDT InterAksyon.com means BUSINESS MANILA - The property firm of former trade minister Roberto V. Ongpin has sold its entire stake in the Shangri-La at the Fort to the property arm of Malaysia's Kuok Group. In a disclosure to the Philippine Stock Exchange, Alphaland Corp said its wholly owned subsidiary completed today a deal to sell its 20 percent interest in the hotel to units of Shang Properties Inc for a cash consideration of P1.7 billion. The upscale leisure developer's divestment comes at a time when it is faced with difficulties, stemming from its dispute with former controlling shareholder Ashmore Group. According to Alphaland, the UK-based fund had refused to fund the property developer and had intended to divest but has yet to find a buyer for its stake. Banks had declined to lend money to Alphaland amid uncertainty over the ownership structure of the Philippine firm. Alphaland last January called for more capital from shareholders, allowing the Ongpin group to wrest control of the property developer. The PSE has suspended trading of Alphaland shares since January 20 as the bourse evaluates the repercussions of a disclosure related to the alleged simulated sale of the company's shares in 2012 so the firm can maintain its listed status. The bourse is also reviewing the leisure developer's recent issuance of shares pursuant to a property swap and capital call. Last month, the PSE found Alphaland in violation of its rules for failure to submit full, fair, accurate and timely disclosures of material information. Citing the property firm's repeated violations of disclosures rules, the bourse initiated involuntary delisting procedures over the company and its securities. Alphaland is entitled to a delisting hearing under the Exchange's Rules on Delisting.  |
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