[ bworldonline.com ]
ISOC Holdings, Inc. has secured a P2-billion loan facility from
BDO Unibank, Inc., which will be used for its property unit’s mixed-use
project in the Bay Area.
In a statement issued Thursday, BDO said it has signed a loan
agreement with ISOC Land, Inc. on Aug. 28, opening the loan facility for
the company’s development of the iLand Bay Plaza.
The 12-storey mixed used project located along Macapagal Boulevard in
Pasay City will offer 23,541 square meters (sq.m.) of commercial office
and retail space. The company is targeting business process outsourcing
and knowledge process outsourcing firms to locate in the building,
banking on the demand for office spaces in the Bay Area.
The company is designing iLand Bay Plaza to be a green office
building, with an intelligent building management system and 24/7
back-up power supply, suited for the demands of outsourcing firms.
ISOC Land started construction on the P2-billion project last April, with completion targeted by February 2021.
The iLand Bay Plaza marks ISOC Holdings’ foray into the property
sector. The company also holds interests in logistics through ORCA Cold
Chian Solutions, power, and infrastructure.
ISOC Holdings is chaired by businessman Michael C. Cosiquien, who is
one of the founders of listed construction conglomerate Megawide
Construction Corp. Mr. Cosiquien left his post as Megawide’s chairman
last December to focus on his family’s cold storage business. Mr.
Cosiquien remains to be a director of Megawide.
The company’s infrastructure unit ISOC Infrastructures, Inc. last
July submitted an unsolicited proposal to the Department of Information
and Communications Technology to build 25,000 common cell towers for
P100 billion in a span of seven years. ISOC Infrastructure pegged the
initial investment at P20 billion in the first three years.
The infra unit appointed OCK Vietnam Pte. Ltd. as the technical tower for the project.
In December 2017, ISOC Holdings acquired a 175.4 million common
shares in listed firm AG Finance, Inc. for P380 million. This gave the
company a 67% stake in AG Finance.
ISOC Holdings has since changed AG Finance’s name to Ferronoux
Holdings, Inc., as well as its primary purpose to that of a holding firm
with a secondary purpose of mining and smelting operations. The company
was reported to be used for a potential backdoor listing, in line with
the company’s plan to diversify and expand the business.
AG Finance previously operated as a financing company which provides
short-term, unsecured credit facilities to permanent rank and file
employees of medium-sized companies. The company has stopped all lending
activities after ISOC Holdings took over. — Arra B. Francia
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