C08413-2019 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 8,196,450,000 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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Joint Venture between Sta. Lucia Land, Inc. ("SLI") and Araneta Properties, Inc. ("ARA") |
Background/Description of the Disclosure |
Joint development by SLI and ARA of a project located in Bulacan with an area of 580,154 sq.m. |
Date of Approval by Board of Directors | Jan 8, 2018 |
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Date of Approval by Stockholders, if applicable | Jun 21, 2018 |
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements |
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SLI shall develop the land purchased by ARA located in Bulacan into a residential subdivision. |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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The transaction is part of SLI’s expansion in Bulacan. |
Amount of investment and/or interest by the parties involved |
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ARA shall contribute a parcel of land with an area of 580,154 sq.m. located in Bulacan while SLI shall develop the area of the property into a residential subdivision. |
Provisions on profit-sharing, arrangements on management and operations |
60% of the net saleable area will be owned by SLI, while 40% will be owned by ARA. Notwithstanding the foregoing, the parties may, by mutual agreement, select lots which shall be owned in common by both SLI and ARA. |
Conditions precedent to closing of transaction, if any |
N/A |
Other salient features of the joint venture agreement |
N/A |
Name | Nature of Business | Nature of any material relationship with the Issuer and the parties to the joint venture, their directors/officers or any of their affiliates | |
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ARA | Real estate development | No material relationship with SLI, its directors/officers or any of its affiliates |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The foregoing matter is expected to improve the financial standing of SLI. |
Other Relevant Information |
The disclosure was amended to reflect that the Joint Venture Agreement was finalized by SLI and ARA on 29 November 2019. |
Name | Jennifer Marie Castro |
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Designation | Acting Corporate Secretary |