News & Updates
8990 to acquire majority stake in Cebu developer
MASS HOUSING developer 8990 Holdings, Inc. said it has signed a deal to acquire a 72.83% stake in Genvi Development Corp., the company behind the integrated community Monterrazas de Cebu in Cebu City.
In a disclosure to the stock exchange on Tuesday, the listed firm said its subsidiary 8990 Housing Development Corp. (8990 HDC) inked a subscription agreement for 2,913,128 common shares out of the existing but unissued capital of Genvi at P100 each or a total of P219.31 million.
Once the deal is completed, 8990 HDC will own around 72.83% of Genvi’s total issued and outstanding capital stock. The rest will remain with Genvi’s current shareholders.
A great equalizer, a true enabler
From building lakeside communities to creating high-rises tailor-made for university students, property developers have gotten more innovative in enhancing their various residential projects. Here’s a real estate player that, aside from giving Filipinos a renewed hope...
Low-cost housing to rise in Meycauayan
Listed property developer 8990 Holdings Inc. recently signed a contract with Megawide Construction Corporation to build a low-cost residential project in Meycauayan, Bulacan comprising some 5,178 housing units. 8990 Holdings and Megawide have been...
Mass housing developer plans to acquire Cebu firm
MASS HOUSING developer 8990 Holdings, Inc. is expanding into the upscale property market with the acquisition of Cebu-based property firm GENVI Development Corp. In a statement issued Wednesday, the listed firm said it is finalizing the acquisition of GENVI...
8990 Holdings ventures into high-end segment
Leading mass housing developer 8990 Holdings has debuted into high-end property development with a deal to acquire Genvi Development Corp., one of Cebu’s top developers of upscale property.
Genvi’s flagship project is Monterrazas de Cebu, the biggest and last remaining contiguous mountain property development in the heart of Cebu City. It is a master-planned residential, commercial and institutional estate covering more than 200 hectares and offering a commanding view of Cebu, Mactan and Bohol.
8990 Holdings prepares P2-billion share buyback
Mass housing developer 8990 Holdings Inc. said Monday it will conduct a share buyback worth up P2 billion in a bid to enhance and improve shareholder value.
8990 Holdings said in a disclosure to the stock exchange it would implement the share buyback program for a period 18 months, or until August 1, 2020.