By Richmond S. Mercurio (The
Philippine Star) | Updated March 10, 2015 - 12:00am
MANILA, Philippines - Real estate
developer Primex Corp. is beefing up its war chest for expansion this year
through a P300-million five-year term loan facility from Metropolitan Bank
& Trust Co.
Primex said the Metrobank loan would
serve as the company’s standby credit to fund its expansion plans in property
development and related activities.
The company is currently in the hunt
for possible acquisitions and joint venture deals to bolster its business this
year.
Since its initial public offering in
2001, Primex said it had never relied on bank loans to fund its development
activities and normally financed installment buyers in-house.
The P300-million borrowing is seen to
fund a strategic business activity which will be beneficial to its shareholders
and the investing public, the listed firm said.
“The Primex business strategy has
always been to purchase prime properties in prime locations, and this is
reflected in its corporate name. That business model now translates into a
property holdings portfolio that has expanded its values in multiples far
beyond its book values from the time of acquisition 20 to 30 years ago,” Primex
director, Karlvin L. Ang said.
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With the strategic locations of its
properties in Metro Manila and the surrounding areas Greenhills, Antipolo and
Tagaytay, Primex said many companies have been in touch for potential
partnerships.
The firm said joint undertaking
proposals with Primex affiliate companies include their Makati, New Manila,
Mandaluyong, Lipa, and Meycauayan properties.
“A conservative approach and efficient
cost management policy have spurred local and foreign investor interest in the
company’s future expansion plans and growth strategy,” Ang said.
Primex, which was incorporated in
1986, is engaged in different aspects of real estate, including raw land
acquisition, development, marketing and leases.
Primarily owned by the Ang family, its
affiliates include Primex Land Inc., Primex Domain Inc., Primex Realty Corp.
and Primex Development Corp.
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