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Po family forms new real estate subsidiary as it charts future

ArthaLand Corp. (ALCO) has established a subsidiary that will be used as a vehicle for a new project.

ArthaLand Corp. (ALCO) has established a subsidiary that will be used as a vehicle for a new project.

The Po family-led ALCO said it had subscribed to 499.995 millipn shares of newly-formed wholly owned unit Savya Land Development Corp. at P100 each share.

” This wholly-owned subsidiary will be the vehicle used to acquire another property for ALCO?s upcoming project the details of which will be disclosed as and when appropriate, ” ArthaLand said in a stock exchange filing.

ALCO earlier announced a P30-billion five year expansion program aimed at building a larger presence in the property market.

The company’s goal is to increase its recurring income base to 35 percent of total revenues in the next five years.

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