At the Special Meeting of the Board of Directors of the Corporation held on 07 May 2019 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 Special Meeting of the Board of Directors held on 20 March 2019;
B. Resolutions authorizing the Corporation to enter into joint ventures involving the following:
1. Development of projects located in Sto. Tomas, Batangas with a total area of 383,069 sq. m.; 2. Development of projects located in Davao City with a total area of 110,951 sq. m.; 3. Development of projects located in Cavite with a total area of 1,526,899 sq. m.; 4. Development of a project located in Cebu with an area of 5,336 sq. m.; 5. Development of a project located in Iloilo with an area of 146,203 sq. m.; 6. Development of a project located in Lian, Batangas with an area of 40,242 sq. m.; and 7. Development of a project located in Bulacan with a total area of 6,311 sq. m.
C. Resolutions authorizing the Corporation to enter into the following joint ventures with Sta. Lucia Realty & Dev., Inc.:
1. Development of projects located in Bulacan with a total area of 38,725 sq. m.; 2. Development of a project located in Batangas with an area of 12,296 sq. m.; 3. Development of a project located in Cavite with an area of 29,516 sq. m.; 4. Development of a project located in Rizal with an area of 13,721 sq. m.; and 5. Development of a project located in Iloilo with an area of 40,764 sq. m.
The same were also approved by the Related Party Transactions Committee to ensure the absence of conflict of interest;
D. Resolutions authorizing the Corporation to acquire the following:
1. Parcels of land located in Calamba, Laguna with a total area of 171,204 sq. m.; 2. Parcels of land located in Davao City with a total area of 45,062 sq. m.; 3. Parcels of land located in Iloilo with a total area of 51,866 sq. m.; 4. Parcels of land located in Sta. Rosa, Laguna with a total area of 8,151 sq. m.; 5. Parcel of land located in Negros Oriental with an area of 140,000 sq. m.; 6. Parcel of land located in Pasig City with an area of 3,972 sq. m.; and 7. Parcel of land located in Palawan with an area of 206,919 sq. m.
E. Resolutions authorizing the Corporation to acquire 5,124,979 shares of stock of LBS Properties Inc.; and
F. Resolutions authorizing the Corporation to apply for an additional credit line with Maybank Philippines, Inc. – Trust Department in the principal amount of Two Hundred Million Pesos (Php200,000,000.00). |