By Richmond Mercurio (The Philippine
Star) | Updated February 3, 2015 - 12:00am
MANILA, Philippines - A Brown Co.
Inc., the holding firm of the Brown Group of Companies, has sold its entire
stake in its chalets and hotel unit to its top officials for P23.7 million.
In a report to the Philippine Stock
Exchange, A Brown said it sold 50 million shares representing its 100 percent
equity in Brown Resources Corp. (BRC) to Angelus Agri Corp., a company which
designated A Brown chairman Walter W. Brown and director Annabelle P. Brown for
the transaction.
Walter and Annabelle will serve as
chairman and president of Angelus Agri, respectively.
Shares of BRC, the company that
operates the chalets and hotel business of the A Brown Group of Companies, were
sold at P0.474 apiece for a total cost of P23.7 million, A Brown said.
The amount was lower than the earlier
consideration of P0.49 per share totalling P24.50 million.
“The sale of BRC will realign the
business focus on the core businesses of the company and increase liquidity
with the receipt of the proceeds from the sale,” A Brown said.
Aside from the transaction, A Brown
said BRC also purchased several parcels of land within Xavier Estate in Cagayan
de Oro City for P8 million.
“BRC opted to purchase the land where
the chalets of BRC stand instead of leasing it,” A Brown said.
A Brown is primarily engaged in the
business of real estate development. Its subsidiaries operate businesses in
power generation, oil palm nursery and seedlings distribution, palm oil
milling, real estate brokerage and investment in gold mining assets.
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