STA. LUCIA LAND, Inc. said on Friday that its board of directors had approved three joint venture projects to develop areas in Luzon and the acquisition of 10 parcels of land, including two in Mindanao.
It told the stock exchange that the meeting held on Feb. 13 included resolutions approving the renewal and increase of the corporation’s credit line with China Bank Corp. of up to P2 billion.
The board also approved the borrowing of up to P2 billion from Sta. Lucia Realty & Development, Inc. The terms of the borrowing were reported to, and approved by, the related party transactions committee of the listed company.
Sta. Lucia identified parcels of land for acquisition in Luzon as located in the following areas: Palawan with a total area of 387,576 square meters (sq.m.); Batangas with 68,690 sq.m.; Bataan with 82,916 sq.m.; Laguna with 707,530 sq.m.; Pangasinan with 6,282 sq.m.; Rizal with 447,790 sq.m.; and Bulacan with 10,620 sq.m.
The two parcels of land for acquisition in Mindanao are in Surigao del Norte with an area of 65,409 sq.m., and in Davao City with an area of 50,000 sq.m. One area is targeted in Iloilo with an area of 38,745 sq.m.
The joint ventures involve the following: development of projects located in Rizal with a total area of 122,787 sq.m.; Bataan with an area of 377,043 sq.m.; and Pangasinan with an area of 218,545 sq.m.
Sta. Lucia’s board also approved resolutions authorizing the company to open accounts with BDO Unibank, Inc.
The board also approved resolutions approving the appraisal made by Colliers International Philippines of the company’s assets as of June 30, 2019.
On Friday, shares in Sta. Lucia rose by P0.02 or 0.80% to close at P2.53 each. — Victor V. Saulon