AbaCore raises P200 M from asset sale

Listed holding company AbaCore Capital Holdings Inc. has raised P200 million from the sale of another Batangas property.

AbaCore said the 30,117-square meter property in Mabini, Batangas is owned by its subsidiary Omnilines Logistics International Network Inc.

“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,” AbaCore vice chairman Antonio Victoriano Gregorio III said.

AbaCore earned a net profit of P227.5 million from the transaction.

“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,” Gregorio said.

“AbaCore will continue to work with other entities to maximize the potential of our portfolio. We aim to further add more properties investments that would provide the necessary investment returns and generate additional income,” he said.

Last year, the company sold various Batangas-based properties such as in Pagkilatan, Calingatan, Mataas na Kahoy, San Salvador, Lipa and Inosloban.

AbaCore said it also took steps to replenish its portfolio in 2023, such as by making strategic investments in properties located in Cavite and Batangas.

Through these investments, the company said “it can continue to take advantage of deals that may take place in the future, which would allow both AbaCore and its partner to mutually benefit from the potential the properties would bring to them.”