Anglo Philippine Holdings invests P32.6M in Shang Properties

ANGLO Philippine Holdings Corp. has concluded a P32.64-million investment to buy a 0.25% stake in its listed affiliate Shang Properties, Inc.

In a disclosure to the exchange Wednesday, Anglo said it has acquired 12,000 shares in Shang Properties at P2.72 each. The shares were previously owned by National Book Store, Inc.

“Considering the track record of Shang Properties and that it has consistently paid dividends with a dividend yield of about 6% in the last couple of years, management believes it is a safe and solid investment for Anglo in which to deploy current funds,” it said.

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The plan has been approved by the company’s board of directors in a special meeting on Monday.

The acquisition would comprise approximately 0.3% of Anglo’s total consolidated assets. It would be paid in cash via regular cross sale.

Shang Properties’ main business is the development of office, retail, and residential properties. Some of the projects in its portfolio are Shangri-La Plaza Mall, The Shang Grand Tower, The St. Francis Shangri-La Place, One Shangri-La Place, Shang Salcedo Place and Horizon Homes.

The company also holds a 70% stake in KSA Realty Corp., which owns The Enterprise Center, and a 60% stake in Shangri-La at the Fort.

In the first nine months of 2020, Shang Properties recorded an attributable net income of P1.12 billion, sliding 44% from the same period a year ago.

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Meanwhile, Anglo booked an attributable net income of P96.06 million in the same period, swinging from a loss of P37.89 million a year ago. It has businesses in mineral exploration, property development, and power generation, among others.

On Wednesday, shares in Anglo closed flat at 71 centavos each, while shares in Shang Properties shed one centavo or 0.36% to P2.73 each. — Denise A. Valdez

#realestateblogph | #realestateblogphpropertynews | #REBPH | #realestate | #AngloPhilippineHoldings | #ShangProperties | #condominium

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Article and Photo originally posted by Business World last November 26, 2020, 12:01am.

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