Polar Property Holdings Corporation
Polar Property Holdings Corporation (PSE: PO) is a publicly-listed real estate and holding company. It was originally incorporated in 1969 as Polar Mines and Development Corporation to pursue mineral exploration. However, in 2004, the board of directors of PO voted to have its corporate name changed to its present one; and primary purpose to that of real estate and holding company. PO's subsidiaries are Brittany Estates Corporation, Polar Mines Realty Ventures, Inc., and Masterpiece Asia Properties, Inc. It also has one associate, Vista Land and Lifescapes, Inc. At the end of 2010, the company employs a total of four personnel broken into. As of April 20, 2011, PO has a total market capitalization of P21.5 billion and share price of P4.45.
Polar Property Holdings Corporation (PO) was incorporated in 1969 as Polar Mines and Development Corporation, primarily to engage in mineral exploration. A year later, the company went public and its shares were listed on the Philippine Stock Exchange. To date, the company’s shares are traded under the stock symbol PO.
In September 2004, the Board of Directors of PO approved the change in the Company's corporate name to its present name, as well as the change in its primary business purposes from mineral exploration to that of a holding company and real estate business. PO conducts all of its operations through its subsidiaries. These subsidiaries are principally engaged in the development and marketing of medium cost lot and condominiums in Cavite, [Muntinlupa], Quezon City, and Manila.
The subsidiaries are involved in the acquisition of undeveloped land, the planning and design of community developments, the securing of regulatory approvals for development and sale, the processing of mortgage financing for homebuyers, the supervision of land development and house construction, and the marketing and selling of houses and lots.
In October 2009, PO entered into a share swap agreement with Vista Land and Lifescapes, Inc. (VLL) whereby it acquired additional interests in VLL in exchange for the shares of Polar Mines Realty Ventures, INC. held by the company and all of its receivables from PMRVI as of the date of swap. This resulted in an increase in its percentage of ownership in VLL from 5.35% to 9.1%. Total amount of the agreement amounted to P702.65 million.
In the same year, VLL acquired Vista Residences, Inc. (VRI) 100% voting shares of VRI in exchange of 320,686,000 treasury shares.
Brittany Estates Corporation
Brittany Estates Corporation (BEC) is engaged in the development and sale of residential house and lot.
Masterpiece Asia Properties, Inc.
Masterpiece Asia Properties, Inc. (MAPI) is currently in the process of developing and seeking interested parties to lease its investment property.
- Adelfa Properties, Inc. – 52.6%
- Land and House Public Company limited – 25%
- Household Development Corporation – 10.04%
- Althrop Holdings, Inc. – 7.4%
Result of 2010 operation
PO recorded revenue from real estate sales of P3.3 million in the year ended December 31, 2010, posting a decrease of 99.2% from P417.6 million in same period last year. This was attributable to the decline in real estate sales of BEC in 2010 and the disposal of PMRVI in October 2009. However, it earned an additional P256 million in equity net earnings from an associate. Thus, giving the company a net income of P240.8 million in 2010.