Arthaland Corp., a listed property development group, is infusing P765.5 million of additional capital into its wholly-owned subsidiary, Zileya Land Development Corp.
Zileya, which develops residential, commercial and leisure projects, needs the fresh capital to bankroll the acquisition of a property, which will be the site of a new sustainable development project.
Arthaland will subscribe to 7.65 million preferred shares to be issued by Zileya at a price of P100. The preferred shares are part of Zileya’s 20 million redeemable, cumulative, and voting preferred shares, which now await approval from the Securities and Exchange Commission.
Arthaland will pay for the preferred shares in cash.
