By
Iris Gonzales (The Philippine Star) | Updated January 31, 2018 -
12:00am
MANILA, Philippines — 8990 Holdings Inc. sold P2.8 billion
worth of receivables in the form of contracts to sell (CTS).
In a disclosure to the Philippine Stock Exchange (PSE)
yesterday, 8990 said it entered into a sale and purchase agreement with
Dearborn Resources and Holdings Inc.
Under the agreement, 8990 subsidiaries sold, assigned, and
transferred to Dearborn P2.8 billion worth of contract to sell receivables.
The contract covers 8990 Davao Housing Development Corp.
(P215.5 million), 8990 Housing Development Corp. (P1.8 billion), 8990 Luzon
Housing Development Corp. (P559.9 million), 8990 Mindanao Housing Development
Corp. (P5.45 million), and Fog Horn (P248.8 million).
The receivables arose from the sale of different housing
units.
According to 8990, the sale of receivables is on a
non-recourse basis and is based on the outstanding principal balance of such
CTS receivables.
The company has earmarked P3 billion for several projects
this year.
Funding will come from receivables as the company continues
with its liquidation activities.
The mass housing developer will launch at least five
projects for 2018.
These include residential projects in Iloilo and Cebu and
two in Davao.
It is also building a condominium along Ortigas Avenue
Extension, which will be it biggest this year. The project comprises 33,000
condominium units.
8990 is the leading mass housing developer based on the
Housing and Land Use Regulatory Board’s total number of units produced from
2011 to 2013.
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