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Cyber Bay Corporation

Company Description
Cyber Bay Corporation (CYBR) was organized to undertake real estate development (except real estate subdivision) and reclamation. The Company was incorporated on July 6, 1989 and changed its name from First Lepanto Corporation to Guoco Land (Philippines), Inc. in 1994, to Centennial City Inc. in 1996, and to the present one in 2000.

On March 30, 1996, CYBR, Central Bay Reclamation and Development Corporation (CBRDC) and certain CBRDC shareholders entered into a memorandum of agreement which involved the restructuring of CYBR and the consolidation of certain businesses and assets of CYBR and CBRDC.

The restructuring of CYBR entailed the transfer to Prime Orion Philippines, Inc. of CYBR's investments in certain corporations and the settlement of all intercompany liabilities relating to such corporations. Upon completion of the business consolidation, CYBR assumed full ownership of CBRDC, including its joint venture agreement (JVA) with the Philippine Reclamation Authority (PRA) to reclaim 750 hectares of land along Manila Bay (the Cyber Bay Project) as its new property core holding.

On October 14, 2016, Central Bay and PRA entered into a compromise agreement where PRA shall cede to CBRDC parcels of land with value equal to the validated claim of P1.027 billion. In exchange, CBRDC shall waive all other claims subject of the pending petition with the COA and any other claims arising from or in connection with the amended JVA. The compromise agreement shall become effective upon approval of the COA.

On November 11, 2016, Central Bay and PRA filed a joint motion for judgment based on the compromise agreement to which COA has rendered a decision on the compromise agreement as null and void, and partially granting Central Bay's money claims on May 23, 2019. Subsequently, the parties filed a motion for reconsideration with the COA on July 25, 2019. In a resolution dated January 21, 2020, the COA denied the motion for reconsideration. In a Resolution dated 07 February 2023, the Supreme Court denied with finality Central Bay's Motion for Reconsideration dated 15 December 2022, and affirmed the Commission on Audit's (COA) Decision dated 23 May 2019 in COA CP Case No. 2010-350. In the Notice, it stated that Entry of Judgment will be made immediately.

Source: SEC Form 17-A (2022)
Security Information
Sector Property
Subsector Property
Corporate Life 50
Incorporation Date Jul 06, 1989
Number of Directors 15
Stockholders' Meeting as per By-Laws April - any day except holidays
Fiscal Year 12/31 (Month/Day)
External Auditor R.G. Manabat & Co.
Transfer Agent BDO Unibank, Inc. - Trust and Investments Group
Contact Information
Business Address Suite 2802 Discovery Center, 25 ADB Avenue, Ortigas Center, Pasig City
E-mail Address [email protected], [email protected]
Telephone Number (632) 8633-9757
Fax Number (632) 637-2887