Property heavyweight Ayala Land, Inc (ALI) recently took over the control of Tutuban Center by paying an initial hefty sum of P1.41 billion in cash.
As part of management change, Prime Orion’s top officials recently offered their resignations. Felipe U. Yap as chairman; David C. Go as vice-chairman; Yuen Po Seng as president and chief executive officer; Ronald P. Sugapong as director, treasurer, and chief finance officer; and Daisy L. Parker as director, corporate secretary, chief legal counsel, and compliance officer.
Afterwards, Prime Orion designated ALI President Bernard Vincent O. Dy as chairman; Yap, vice-chairman; Jose Emmanuel H. Jalandoni, president; Ruby P. Chiong, treasurer; Rhodora Estrella B. Revilla, chief finance officer and compliance officer; June Vee D. Monteclaro-Navarro, corporate secretary; and Nimfa Ambrosia L. Perez-Paras, assistant corporate secretary.
To accommodate ALI’s subscription, Prime Orion said it will file an application with the Securities and Exchange Commission to increase its authorized capital stock to P7.5 billion, divided into 7.5 million common shares with par value of P1 apiece, from P2.4 billion.
Moreover, ALI acquired segments of shares controlled by principal stakeholders Guoco Assets (Phil.), Inc. and Genez Investments Corp. With the deal with ALI sealed, Prime Orion’s public float will drop to around 32.16 percent and its foreign ownership level will be reduced to 1.056%. Prime Orion is the owner of the Tutuban Center in the Divisoria Tutuban Complex.
The complex is being eyesd as the transfer station for the P287-billion North South Railway Project will connect to the Light Rail Transit Line 2 West Station. The 56-kilometer North South Railway Project will have a commuter rail from Tutuban to Calamba, Laguna, a 478km long haul rail from Tutuban to Legazpi Albay. With the completion of the project, daily foot traffic is projected to increase to 400,000 from 100,000.
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