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Manila Bulletin devider Business devider AbaCore subsidiaries sell Batangas properties

AbaCore subsidiaries sell Batangas properties

Published Mar 31, 2022 03:19 pm

AbaCore Capital Holdings Inc. (AbaCore) has announced that its subsidiaries Friendship Management Corporation (Friendship Management) and Candor Realty Corporation (Candor) have agreed to sell properties in Batangas to businessmen expanding their operations in the province.

Under their agreement, Friendship Management will sell 21,375 square meters of land at Tanguay in Lipa City, Batangas to Taft Property Venture Development Corporation (“TPVDC”), a subsidiary of the Gaisano group, for P17.1 million.

In a statement, AbaCore said the transaction is a milestone for the Gaisano group as this marks their first venture in the province. After this transaction, the formerly Piedra Negra Mining Corporation will maintain 10 hectares of land in nearby Barangay San Salvador and 90 hectares of land in Rosario, Batangas.

Meantime, Candor agreed to sell about 4,845 square meters of land to a meat processing company under a large retail chain for P41,182,500. This entity will use the land to expand their current meat-processing operations. Candor will maintain another 4,845 square meters of land for itself after the completion of the sale.

AbaCore CEO Regina R. Mandanas said these transactions will deliver long-term value to shareholders. "We are pleased to welcome these reputable businesses as they expand into Batangas and take advantage of the province's growth potential. The appreciation of land value due to an increase in commerce will be tailwinds to AbaCore's bottomline, thus ensuring shareholders will get better returns on their investment."

These two agreements come amid an ongoing trend among businesses to shift their focus to Batangas. In October 2021, AbaCore, through its subsidiary Omnicor Industrial Estate & Realty Center, entered into a $100 million joint venture with Starfleet Innotech under which it will provide the New Zealand-based asset management company with land to develop into a resort-like condotel property.

Currently, an Environmental Compliance Certificate (“ECC”) has been issued on the target project site. “AbaCore still has a significant landbank that can be utilized to welcome other businessmen who want to expand into Batangas," Mandanas added.

"We look forward to making announcements in the future about similar long-term growth initiatives that will place AbaCore in a stronger position to deliver value to its stakeholders."

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