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Manila Bulletin devider Business devider The Stock Market devider AbaCore gets investment from unnamed Singaporean firm

AbaCore gets investment from unnamed Singaporean firm

Published Mar 4, 2024 08:34 am

AbaCore Capital Holdings Inc. boasted that a Singapore-based, long-term-oriented investment fund with a focus on businesses based in Emerging Asia is increasing its investment in the company but declined to name the investor.

In a statement, AbaCore said the unnamed investment fund purchased an additional $1.6 million worth of shares from the market, and intends to buy up to $4-million worth of shares.

AbaCore claims that this investment is being made since it “owns valuable land assets and has promising projects in progress, where success can be significantly value accretive this year and beyond.”

The transaction was brokered by WeCap Financial Inc., a boutique securities brokerage firm in the Philippines, and Auerbach Grayson & Company, a New York-based brokerage firm and investment bank.

“The transaction marks another instance of foreign entities expressing a bullish outlook on ABA. For example, in 2022, WeCap and AGCO facilitated the purchase of shares in ABA by institutional asset managers based in North America and Europe. They invested in ABA for reasons such as its stock being undervalued relative to book value and the company’s robust expansion plans,” AbaCore said. 

WeCap President Job Ambrosio said, “we believe this investment in ABA’s stock signifies positive sentiment the company is receiving from the market. WeCap is pleased to be given another opportunity to serve as a bridge for foreign investors that want to benefit from ABA’s solid financial results throughout the years.”
 

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