Businessman Jose Marcel “Jocel” Panlilio has fattened further his stake in Boulevard Holdings Inc. (BHI) after announcing a P1.43 billion property sale deal with ultra bilyonaryo Ricky Razon.
Panlilio acquired a total of 261 million BHI shares from May 25 to June 7 at a price range of 8.8 centavos to 11.30 centavos.
The BHI chairman, president and CEO raised his stake in BHI from 40.28 percent as of March 31 to 42.87 percent (worth P525 million) as of June 7.
BHI announced on May 18 that it had signed a deal with Razon’s Solaire Entertainment Property Holdings Inc. for the sale of a 28.2-hectare property in the Paniman area in Ternate, Cavite at a price of P5,050 per square meter.
The board of BHI, which has so far received P992 million from Solaire, approved the purchase on May 2.
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Panlilio said the sale would increase BHI’s year-on-year sales by 17,623 percent and boost retained earnings to P300 million.
“This will give us further opportunity to grow with the Solaire project via our adjacent parcels of land in the form of rentals and land appreciation,” said Panlilio citing Razon’s plan to build a Hawaii-inspired tourism complex near BHI’s Puerto Azul land.
