MARGA CAPITAL HOLDINGS, INC.

Minutes of the Meeting

11 September 2014

OPENING:
The board meeting of the Marga Capital Holdings, Inc. was called to order at 3 o clock in
the afternoon on 11 September 2014 in the Office of Mendoza Navarro-Mendoza Law
Offices, Unit 501 Amberland Plaza Building, Julia Vargas Avenue, Ortigas Center Pasig City.
PRESENT:
1.
2.
3.
4.
5.
6.

Medilen Singh
Dino Maosa
Raja Singh
Xavier Singh
Ignacio Legarda
Deniece Maosa

A. AGENDA
1. Sale of 40.6 hectares of real property in Bulacan covered by TCT No. 151275
2. Ara Shares
3. Finalize Secretarys Certificate and General Information Sheet for the year 2014
SALE OF 40.6 HECTARES OF REAL PROPERTY IN BULACAN COVERED BY TCT
NO. 151275
o

The Board agreed to sell the 40HA of land in Bulacan covered by TCT No.
151275. No floor price.
Each stockholder is authorized to
negotiate the sale in six months. The sale shall be offered to the BEST Buyer
(BEST means someone who can pay the most money [net after taxes] in the
earliest time). The commission of the broker shall be 5% of 2,000.00/sqm. If
there is a prospective buyer, the stockholder who knew that prospective
buyer shall present the offer to buy to the board. Therefore the board is
obliged to attend that meeting for the approval of sale.

Ms.Medilen Singh has prospective and serious buyers. She met the
representative/brokers.
Margas original price for the 40HA is
1,200php per square meter and the brokers asked for an overprice of
2,000php per sqm, thus 800php/sqm will go to the brokers.

The right of way to the property (the one with Greggy Araneta) is the issue.
However, the Board decided to stay silent about it and not indicate the
matter of the right of way in the Deed of Absolute Sale.

RESOLUTION
o The selling price is php2,000 per sqm with brokers commission of 5%. The
5% brokers commission will be deducted from the php800 per sqm over
price included in the selling price. The 6% capital gains tax and 1.5%
documentary stamps tax and the amount of probable value added tax and
normal corporate income tax of 30% net of the 6% capital gains tax will be
withheld and will be paid after the risk to the company to aforesaid taxes has
prescribed after three years from April 15, 2014 if the bir has not made
deficiency assessments for such taxes.

90% of the selling price should be received upon execution of the sale, the
balance of 10% is upon delivery of the CAR, cancellation of the annotations at
the back of the title and removal of the people occupying the premises as of
11 September 2014.

Ms. Medilen Singh will not commit Marga for any legal battle for the right of
way to the property.

o The board resolved to alienate, sell, transfer, and dispose its

property covered by TCT No. T-151275 and for this purpose it
authorizes its President Medilen A. Singh as its authorized
representative to negotiate terms and conditions of sale, receive
payment and pay brokers commission.
ARA SHARES

o The Board resolved that the Marga Capital Holdings, Inc. is

authorized to subscribe for shares in Araneta Properties, Inc. and
in furtherance thereof designates Robert A. Singh and Francisco
Dino S. Manosa, Jr. as its authorized representatives and
signatories.
SECRETARYS CERTIFICATE AND GENERAL INFORMATION SHEET FOR THE
YEAR 2014
o

Atty.Rose Mendoza drafted the Secretarys Certificate and have it signed by

Mr. Dino Maosa, Corporate Secretary. Likewise, after review and revision of
the Board, the General Information Sheet for the year 2014 was signed by Mr.
Dino Maosa, Corporate Secretary.

ADJOURNMENT:
Meeting was adjourned at 7:30 in the evening.

Minutes submitted by:

Deserie Siason