MANILA - Alphaland Development Inc., a company controlled by London-based Ashmore Group and former trade minister Roberto Ongpin, is eyeing to conduct backdoor listing at the Philippine Stock Exchange (PSE) via a share swap with Macondray Plastics Inc.

Macondray told the PSE that its board approved a share-for-share swap agreement with Alphaland and all the latter's existing shareholders.

Alphaland is 60%-owned by Philippine companies controlled by Ongpin, and 40% by Alphaland Holdings ( Singapore ) Pte. Ltd., a subsidiary of the Ashmore Group.

"The backdoor listing will be through the exchange for new shares of the company arising from the proposed increase in the company's authorized capital stock to P5 billion from P400 million," Macondray said.

The exchange will be one Alphaland share for every 5.08 new shares of Macondray.

The PSE has implemented Thursday a trading suspension on Macondray shares pending submission of a comprehensive disclosure about the transaction.

From only P3 last October 12, the share price of Macondray jumped 6 times to P21 on Wednesday after the group of Ongpin announced that it entered into a deal to take over a controlling stake in the plastic manufacturing firm.

Ongpin's RVO Capital Ventures Corp. earlier acquired 66% of Macondray's outstanding stocks held by the Lorenzo family's Macondray & Co. at P2.20 a share or a total consideration of P218.78 million.

But after conducting a tender offer, Ongpin's group now controls 95% of Macondray.

Macondray said it will call a special stockholders' meeting in January next year to approve the deal.

Under the plan, Macondray will also change its corporate name to Alpahland Corp. and will change its primary purpose to that of a holding company.

Ongpin's nephew Eric Recto, who also sits as vice chairman of Alphaland, earlier said that the company is spending P1.4 billion for the redevelopment of the 25-year-old Southgate Tower in Makati.