Saturday, January 31, 2009 [ manilatimes.net ]
DMCI Holdings Inc. plans to borrow short-term from Banco de Oro Unibank Inc. (BDO) to fund the obligations of its steel fabrication and modular construction business.
In a disclosure to the Philippine Stock Exchange, DMCI said its board approved the short term bridge loan facility with BDO, amounting to half a billion pesos to partially settle the loan of Atlantic Gulf & Pacific Co. of Manila, Inc. (AG&P).
A bridge loan is aimed at helping an entity tide over funding requirements pending recourse to longer-term financing.
To date, AG&P has an obligation with Cameron Granville 3 Asset Management, Inc. (Cameron) and the Philippine National Bank (PNB), reaching P90 million and P560 million, respectively.
DMCI also announced that Victor Limlingan recently joined its management as managing director.
With the post, Limlingan automatically disqualifies as independent director of DMCI.
In the first nine-months last year, DMCI recorded a 30 percent drop in profit due to accounting adjustments related to its water business.
The Consunji family holding company’s earnings reached P1.21 billion, lower than the P1.73 billion in the same period a year earlier.
Revenues amounted to P14.15 billion, up 52.3 percent from the previous year’s P9.29 billion.
DMCI said its lower net income was due to adjustments made last year to reverse recognition of extraordinary income in the water business.-- Chino S. Leyco
