Vol. XXII, No. 37 [ BusinessWorld Online ]
Tuesday, September 16, 2008 | MANILA, PHILIPPINES
PROPERTY FIRM Abacus Global Technovisions, Inc. is in talks with two Middle Eastern companies that supply oil to China and Japan for the development of its 30-hectare property in Simlong town in Batangas into a petroleum tank farm.
Joaquin San Diego, Abacus Global corporate secretary, said in a phone interview the two firms already have storage facilities in Singapore, but are considering putting up additional depots in Simlong, citing its beach as an ideal harbor for its tankers and the country’s proximity to its markets. He declined to identify the foreign firms.
Abacus Global, formerly a gaming equipment leasor to the Philippine Charity Sweepstakes Office, expanded its Simlong property when it merged with sister firms Batangan Foods, Inc. and Mojica Realty Corp.
Last week, the Securities and Exchange Commission gave the go signal for the merger plan, approved by the company’s stockholders on July 22.
Aside from Batangan’s Simlong property, Abacus Global also acquired a 2,000-square meter property in Lipa City, where it plans to set up a business process outsourcing (BPO) building. Mr. San Diego declined to identify the BPO firms interested in the office spaces.
He said the Science and Technology department has identified Lipa as one of the cities that may be developed for the BPO industry due to its developed technology backbone. There are presently two BPO facilities in Lipa.
Mr. San Diego said Abacus Global would develop two more properties in Batangas.
It will convert the Alpa Hotel into a condominium hotel, with construction to start in the fourth quarter, while Batangan Plaza will double as a culinary arts school.
Listed gaming equipment leasor Abacus Consolidated Resources and Holdings, Inc., which used to have a two-thirds stake in Abacus Global, has cut its interest in the company to 9%. The holding firm has since transferred control of Abacus Global to parent Blue Stock Development Farms, Inc.