Vol. XXI, No. 240 [ BusinessWorld Online ]
Tuesday, July 8, 2008 | MANILA, PHILIPPINES
LISTED PROPERTY developer A Brown Company, Inc. (ABCI) has sold a property in Bukidnon province to fund its investment in Monte Oro Resources and Energy, Inc. and an ongoing project in Cagayan de Oro City.
In a disclosure to the stock exchange, ABCI said it would be selling its 328,521-square meter property in the village of Lumbo, Valencia City for P95 million.
In an interview, ABCI Compliance Officer Jasmine S. Castro said the amount would be used to maximize funding requirements for its investments in Monte Oro. She added that the amount would be used to finance development of its residential subdivision, Teakwood Hills, in Cagayan de Oro City. The Bukidnon property is a mixed-use agriculture, residential and commercial land.
A Brown owns a 200-hectare property called Xavier Estates in Cagayan de Oro City. It also owns a 40-hectare residential development in Agusan, Cagayan de Oro City.
Aside from its residential projects, the company also has interest in hotels, restaurant operations, agriculture and oil. — Kristine Jane R. Liu
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