By Joann Santiago, PNA and U.S. News Agency / Asian
Eton Properties Philippines Inc. bids to strengthen its financials as it eyes to relist the local bourse in two to three years.
Last Monday, Eton’s Board approved the plan to delist from the Philippine Stock Exchange for failure to meet the 10 percent minimum public float requirement.
To date, Eton’s publicly-owned shares is only 5.65 percent.
Eton Properties officer in charge Michael Tan said they target to increase the share of the company’s recurring income from the current 10 percent to 30 percent in the “next five years.”
He said their buildings that are intended as business process outsourcing spaces will greatly boost their revenues in the coming years.
Eton currently have 50,000 square meters of leasable spaces but additional 80,000 sq.m. will be added next year when the company opens some units in Eton Centris along EDSA corner Quezon Ave.
“All our BPO spaces right now is 100 percent occupied,” he said after the company’s stocks holders meeting.
Tan said the decision to join the local bourse again will depend on “time, growth and (when the) company is much, much better.”
The company eyes lower income this year against last year because of higher expenses in the construction of their buildings but Tan is optimistic that 2013 “should be better.”
“By then we’ll have more BPO buildings, and the income will be much better,” he added.