Abacore to acquire Libertad Logistics

The board of Abacore Capital holdings Inc. has approved the acquisition of Libertad Logistics Integrated Zone Builders Development Corp., which Abacore will purchase at a discounted price.

The said deal will be made via merger or consolidation under a tax-free exchange, which followed the National Internal Revenue Code, according to Abacore.

Libertad currently owns prime properties contiguous to the Port of Batangas. The property is valued at at least P6.5 billion or at a price of P23,600 per square meter as appraised by an independent appraiser as of March 16.

“The property is located in an area where land development is of mixed use, specifically, residential, industrial, commercial and institutional,” the company said in its disclosure, quoting the report.

Shares of Abacore were halted for trading for an hour on Thursday.

Abacore is buying Libertad and the land that it owns at P20,000 per square meter, the company said in its disclosure.

“Abacore likewise authorized management to negotiate, enter and finalize joint venture agreements and partnerships with qualified developers, and operators for the operations of a logistics center, food terminal, grains silo, blast freezing facility, warehouses and other facilities allied to the Batangas Port project where the Libertad property is located,” it said.

Abacore, which started as a mining company and is now a holding firm, owns a controlling interest in companies engaged in financial services, real estate, gold mining and coal mining.

The company has a 4.89-percent stake in Pacific Online Systems Corp., a company that holds an exclusive right to lease online lottery equipment for the lotto operations of the Philippine Charity Sweepstakes Office in Visayas and Mindanao.

It also owns a 100-percent controlling interest in Philippine Regional Investment Development Corp., which is mostly engaged in arranging project financing for a variety of real estate, logistics and infrastructure projects.

The company’s real estate activities are lodged mainly under its indirect subsidiary, Omnicor Industrial Estate and Realty Center Inc., a wholly-owned real estate subsidiary of Pride.

As for its mining business, it holds 102 gold mining claims in San Francisco and Rosario, Agusan Del Sur and Barobo, Surigao Del Sur.