MANILA, Philippines --- A group holding valuable landbank in the Bay Area -- an emerging gaming and entertainment district -- is backdoor-listing on the Philippine Stock Exchange using Supercity Realty Development Corp. (SRDC) as its vehicle. The board of Supercity approved the issuance of 990 million new common shares in favor of Manila Bay Development Corp. (MBDC) and businessman George Chua, giving the new investor group 90 percent ownership, Supercity disclosed to the Philippine Stock Exchange (PSE) on Thursday. MBDC and Chua will contribute to SRDC a total of 12 parcels of land located in Paranaque City with a total area of 22.75 hectare...
Keep on reading: Supercity looms as backdoor-listing vehicle
from INQUIRER.net http://bit.ly/2EHVXUi
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