METRO Pacific Investments Corp. (MPIC) on Monday said it signed an agreement with upscale developer Landco Pacific Co., infusing more cash and helping it clean its books.
MPIC said in its disclosure to the Philippine Stock Exchange that it will restructure and clean up the balance sheet of Landco in preparation for its eventual sale to third parties.
It said MPIC will infuse some P85 million in the developer and convert the receivables of about P79.8 million into equity.
MPIC said the agreement paves the way for the conglomerate to covert its preferred shares in Landco into common shares, additional subscription to nonvoting preferred shares by way of cash infusion and conversion of MPIC’s receivables from Landco into equity.
There will also be “offsetting of certain inter-company accounts and spin off of non-performing assets of Landco to a separate company,” MPIC said.
Landco is a developer of leisure communities, resort-inspired condominium and luxury home communities.
Its flagship development, Peninsula de Punta Fuego in Nasugbu, Batangas, is the country’s first private and exclusive seaside residential resort. Other projects include Terrazas de Punta Fuego and Amara en Terrazas, a luxury oceanfront condominium.
Landco’s signature residential homes are in various provinces nationwide, such as WoodGrove Park in San Fernando, Pampanga; Waterwood Park in Baliuag, Bulacan; MonteLago Nature Estates in San Pablo, Laguna; The Courtyard at Lakewood Golf Estates in Cabanatuan, Nueva Ecija; and Woodridge Garden Village in Zamboanga City.