Arthaland to inject P1.7 B in unit to fund future project

High-end property developer Arthaland Corp. is investing P1.7 billion in one of its units to gear it up for a future investment that the company would undertake.

-  ELIJAH FELICE ROSALES

In a disclosure to the Philippine Stock Exchange, Arthaland said it would acquire 17 million preferred shares in one of its subsidiaries, Pradhana Land Inc., valued at P100 apiece.

The transaction covers 68 percent of outstanding shares in Pradhana, which Arthaland plans to pay from its unissued authorized capital stock.

Arthaland will make a downpayment of P100 million today to Pradhana. Afterward, the balance of P1.6 billion will be paid upon the call of Pradhana's board, but Arthaland can settle it in full or in part at any time before this call.