Posted on 08:24 PM, December 30, 2010 [ BusinessWorld Online ]
LISTED REAL estate firm Interport Resources Corp. has acquired a 74-hectare lot in Rizal province from occupants of the property for P260 million.
Interport Resources told the stock exchange it entered into a memorandum of agreement (MOA) with PrimeEast Properties, Inc. last Dec. 29 in connection with the purchase.
Under the deal, PrimeEast Properties “ceded, transferred and assigned, unto Interport Resources, all its rights, interests and participations over certain lots in Binangonan, Rizal containing an area of 74.3 hectares.”
The lots form part of the parcels of land already covered by land titles held by Interport Resources. But the property is occupied by “bona fide occupants with registered titles or with lengths of possession which [have] ripened into ownership,” the company said.
In 1991, the Supreme Court settled a dispute between both parties, ruling in favor of the “superior rights” of the bona fide occupants to land titles.
Interport Resources said P75 million will be paid upon the implementation of the agreement. The balance of P185.06 million will be paid from loans, placements, or sales of Interport Resources from the development of the Binangonan lot.
“Release of the titles on the lots in Interport Resources’ name shall be made by PrimeEast Properties within 120 days after the receipt of payment, the area of which lots shall correspond to the payments made,” the listed company said.
The board chairman and president of PrimeEast Properties, Frisco San Juan and Alexander G. Asuncion, respectively, are both directors of Interport Resources. Mr. Asuncion is also the president of the listed property developer.
In November, Interport Resources Corp. sold its 896.05-hectare parcel of land at Barrio Bintuan in Coron, Palawan to Calamianes Islands Holdings Corp. for P171 million.
On Aug. 6, the listed firm entered into a joint-venture deal with Dreamhauz Management and Development Corp. to develop the former’s 299,810-square meter land in Binangonan into a residential subdivision.
Interport Resources was incorporated in 1975 to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas and other resources. In July 1978, the company acquired a 2,200-hectare property in Binangonan, signaling its shift to real estate.
Shares in Interport Resources, whose net loss widened to P47.19 million in the fiscal year that ended in September from P34.68 million in the previous year, closed P0.14 higher at P0.83 apiece on Thursday. -- Neil Jerome C. Morales
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