AbaCore board agrees to sell land for P80M

AbaCore board agrees to sell land for P80M

ABACORE Capital Holdings, Inc. said its board had approved the sale of land with a total contract price of P80.31 million.

In a stock exchange disclosure, the listed holding company said its board had agreed to the land sale of its subsidiary covering a total land area of 13.3 hectares.

The land is located at Brgy. Kalingatan Loob, Mataas na Kahoy, Batangas and Brgy. San Salvador, Lipa City, the company said, adding that the contract price is set at P80.31 million with the cost at P18.31 million for a gain of P57.18 million.

Further, its board also approved the renewal of a loan from the Luzon Development Bank with an additional P30 million, increasing its total loan to P80 million, the company said.

In September, the company said it is investing in a 15-hectare property at Simlong, Batangas as the listed firm aims to increase its investment properties.

According to the company, the target investment property is “at a discount of around P225 million to the most recent appraised value.”

AbaCore is a listed holding company that has interests in sectors such as tourism, real estate, financial services, and energy.

At the local bourse on Monday, shares in the company gained one centavo or 1.15% to end at 88 centavos apiece. — Ashley Erika O. Jose