Primex prepays loan obligations

Listed property developer Primex Corp. said it had prepaid all its bank obligations with two banks as of Jan. 3 this year.

These two lenders include Metropolitan Bank & Trust Co. and BDO Unibank.

In a filing with the Philippine Stock Exchange, Primex said the Metrobank loan amounting to P300 million was fully paid three months ahead of time, while the loan with BDO was fully settled before the end of 2016.

Similarly, affiliate Primex Land wiped out all its bank obligations of P300 million five months ahead of maturity.

“Eliminating our already low debt levels will help make Primex a fundamentally stronger company especially at a time when the market is expecting a rise in interest rates,” said Primex chairman Ernesto Ang.

Ang noted the company has one of healthiest and lowest debt-to-equity level among the most valuable 20 listed property developers in the country.

Primex posted a net income of P83.4 million in the nine months ended September 2016 on revenues of P165 million.

“Our current financial position even allows us to pay dividends to shareholders which we are planning for 2017, on top of our acquisition and upcoming development projects,” Ang said.

The company is formulating a dividend policy in view of the steady improvement in its financial performance and for the benefit of its stockholders.

The group’s projects include the Chartreuse Garden ( renamed Dona Angela), a first-class residential condominium in Legaspi Village, Makati City; The Corporate Centre ( now the Philippine International Trade Center), an office condominium in Salcedo Village, Makati City; Richbelt Terraces, a first-class residential condominium in Greenhills, San Juan; and Greenrich Mansion, a luxurious condominium in Ortigas Center, Pasig City.