AbaCore board OK’s sale of unit’s Batangas property
THE board of listed holding company AbaCore Capital Holdings, Inc. has approved the proposed sale of its subsidiary’s property in Mabini town, Batangas, for P307.19 million.
In a regulatory filing on Thursday, the company’s board approved the planned sale of a 30,117-square-meter (s.qm.) property in Barangay San Juan, owned by its subsidiary Omnilines Logistics International Network, Inc. The property will be sold at P10,200 per sq.m., with a total contract price of P307.19 million.
The company is expecting a P227.47 million gross profit from the sale.
AbaCore Vice Chairman Antonio Victoriano F. Gregorio III said in an e-mail that the transaction aims to boost the company’s profitability.
“The sale of a property owned by our subsidiary Omnilines Logistics International Network represents our continuing effective management of our portfolio, allowing the company to strengthen its bottomline and provide value to our shareholders,” Mr. Gregorio said.
“The transaction is part of our overall strategy to work with businesses that want to expand their presence in Batangas, or enter the market for the first time,” he added.
Following the sale, Mr. Gregorio said that AbaCore is still aiming to expand its property portfolio.
“AbaCore will continue to work with other entities to maximize the potential of our portfolio, and we aim to further add more properties investments that would provide the necessary investment returns and generate additional income,” he said.
AbaCore is a holding company that has business interests in tourism, real estate, financial services, and energy. The company’s nine-month net income surged to P383.3 million from P22.4 million in 2022.
On Thursday, AbaCore shares closed unchanged at P1.07 apiece. —