Anchor Land Holdings, Inc.

LISTED real estate firm Anchor Land Holdings Inc remains in expansion mode as it plans to build its first mid rise condominium complex in the San Juan area while adding another com mercial development to its portfolio said Steve Li the company s vice chair man on Friday.

At the same time the firm has also benefited from the recent increase in ownership by the family of tycoon Henry Sy Sr in Anchor Land added Li He opined that this signals a vote of confidence in the firm considered as a newcomer in the sector by indus try watchers.

It is a good sign The Sy family said they are interested to invest in the company because they believe in our future said Li in a telephone in terview Li added that the increased ownership entitles the Sys to board representation but the family has so far signified no intention to assign a director to the board.

The purchase was carried out by privately held company Sybase Equi ty Investments Corp which bought 34 67 million shares from other stake holders on September 15

The move which doubled the Sy controlled firm s stake inAnchor Land to over a fifth also caused an uptickin the value ofthe real estate company s stock.

The shares were purchased from Anchor Land s president and director Imelda Taneda Sze and stockholder Rena Obo for P6 50 apiece Following this the share price touched a high of P8 30 apiece nearly 28 percent up on September 22 before ending the week at P8 pershare 23 percenthigherthan its dose two weeks ago.

An analyst interviewed however said the firm s stock value likely ben efited from the selloff from some the largerreal estatefirms as investors refocused on smaller companies in this segment.

Meanwhile Anchor Land will con tinue to expand said Li at the sidelines ofthe firm s shareholders meetinglast week Anchor Land plans more expan sion benefits from Sy investment