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.