Arthaland sets up JV with Mitsubishi
Credit to Author: Tyrone Jasper Piad| Date: Tue, 08 Oct 2019 23:10:31 +0000
LISTED Arthaland Corp. (ALCO) announced on Tuesday that it had incorporated Kashtha Holdings Inc., a joint venture (JV) company with the Mitsubishi Estate Co. (MEC).
In a disclosure to the local bourse, the property firm said that it subscribed to 12.5 million common shares of the JV for P1 apiece.
Arthaland owns majority or 60 percent of Kashtha, while the remaining 40 percent is held by MEC.
Kashtha is set to acquire half of the ownership in Ar thaland’s subsidiary Savya Land Development Corp. (SLDC), making it the direct 50-percent stockholder.
Savya Land owns the mixed-use development Arca South in Western Bicutan, Taguig City, where Savya Financial Center—a green office building described as grade A mid-rise condominium—was launched in March to cater mostly to business process outsourcing (BPO) clients.
In September, Arthaland incorporated wholly owned subsidiary Pradhana Land Inc. by subscribing to nearly 25 million common shares for P1 apiece.
Arthaland saw its consolidated net income in the first six months skyrocket to P556.79 million from year-earlier P7.11 million for the same period on higher revenues.
Consolidated revenues for the period surged fivefold to P1.08 billion from P210.78 million last year.