Saturday, December 13, 2008 [ manilatimes.net ]
PHILIPPINE Realty and Holdings Corp. on Friday said a rehabilitation court has approved its dacion en pago agreement with Bank of the Philippine Islands.
The property company said the agreement would pave the way for the settlement of its obligations amounting to P168.53 million.
Last year, the property developer posted a consolidated net income of P688.65 million, higher by 112.7 percent due to the disposal of its International Exchange Bank (iBank) shares, which fetched P545.2 million.
The sale of condominium units in Pasig City added P112 million to earnings.
The company earlier said that it would not have the means to build its various high-rise real-estate projects. Instead it would enter into joint ventures wherein the company would just contribute the land and other predevelopment expenditures while the partner would shoulder construction costs.
The company said it also plans to sell some of its real properties and investments in A Brown and Meridian to reduce debt to a more manageable level.--Darwin G. Amojelar