[ manilastandardtoday.com ] February 23, 2010
THE Limketkai group, one of Mindanao’s largest business consortiums, got a P750-million from Security Bank Corp. to build the tallest hotel building in Cagayan de Oro City.
The group signed the loan with the Security Bank for the construction of the 18-storey Limketkai Hotel & Resort and its twin building, the 33-storey Gateway Tower, in the 30-hectare Limketkai Hotel and Office Complex.
The newly formed Limketkai Hotel & Resort Corp. will oversee the buildings’ construction, scheduled to start this year, as well as manage the 224-room, four-star hotel when it starts operating by 2012.
With exposures in agribusiness, commercial and office space development, the group dominated the business scene in Cagayan de Oro, where 300,000 foreign and domestic tourists go for vacation each year.
Security Bank reported P3.06 billion in net income last year from P2.3 billion in 2008. Revenues rose 19.9 percent to P7.9 billion, driven by a 22.2-percent improvement in non-interest income and largely from foreign exchange gains.
Security Bank also recorder a non-performing loans ratio of 1.25 percent from 2.92 percent in the same comparable period. The bank said its capital adequacy ratio, or capital-to-risk ratio, stood at 18.4 percent, better than the eight-percent international benchmark and the Bangko Sentral’s 10-percent minimum requirement.