Global Estate Resorts to hike capital

Andrew Tan-led Global-Estate Resorts Inc. is set to double its authorized capital stock after stockholder approved the increase. GERI told the Philippine Stock Exchange on Tuesday that its authorized capital stocks would be increased from P10 billion to P20 billion. GERI, a subsidiary of Alliance Global Group of companies, plans to develop over 1,000 hectares of property in various tourism spots such as Boracay, Tagaytay and Nasugbu, Batangas. The company's projects include Boracay Newcoast and Twin Lakes. The local government of Aklan is expecting a million tourists to visit Boracay by 2012. More tourists are expected to pour in after the completion of the Caticlan Airport expansion project. - CMA/OMG, GMA News