At the Special Meeting of the Board of Directors of the Corporation held on 08 January 2018 at its principal office, at which meeting a quorum was present and acting throughout, the following were discussed and approved:
A. Resolution approving the Minutes of the Organizational Meeting held on 22 June 2017
B. Resolutions authorizing the Corporation to enter into joint ventures involving the following:
1. Development of a project located in Baguio City with an area of 1,949 sq.m.; 2. Development of a project located in Bulacan with a total area of 715,410 sq.m.; 3. Development of a project located in Quezon City with an area of 1,560 sq.m.; 4. Development of a project located in Cavite with an area of 8,109 sq.m.; 5. Development of a project located in Rizal with a total area of 68,493 sq.m.; 6. Development of a project located in Batangas with an area of 383,069 sq.m.; 7. Development of a project located in Palawan with a total area of 178,762 sq.m.; and 8. Development of a project located in Negros Occidental with an area of 69,000 sq.m.
C. Resolutions authorizing the Corporation to acquire the following:
1. Parcel of land located in Dagupan City with an area of 803 sq.m.; 2. Parcel of land located in Cavite with an area of 8,109 sq.m.; 3. Parcels of land located in Laguna with a total area of 62,369 sq.m.; 4. Parcels of land located in Batangas with a total area of 524,015 sq.m.; 5. Parcels of land located in Rizal with a total area of 29,465 sq.m.; 6. Parcel of land located in Iloilo with an area of 99,778 sq.m.; 7. Parcel of land located in Davao with an area of 50,000 sq.m.; and 8. Parcel of land located in General Santos City with an area of 239,000 sq.m.
D. Resolution authorizing the opening of a US$ bank account with Security Bank Corporation
E. Resolution approving negotiations for and availing of a corporate note of the Corporation
Subject to securing all required approvals under applicable laws, rules and regulations, the Corporation was authorized to negotiate and avail of a seven (7) year Corporate Note Facility with financial institutions, with a maximum of nineteen (19) investors, for an aggregate amount of PhP 3 Billion and with an overallotment option of PhP 2 Billion, for the pre-payment of existing obligations of the Corporation, the financing of project development costs, and general corporate purposes.
F. Resolution authorizing the establishment of the Board of Trustees for the Sta. Lucia Land Retirement Plan |