Primex taps P300M loan from Metrobank
REAL estate developer Primex Corp. has obtained a P300-million five-year term loan facility from Metropolitan Bank & Trust Co. to fuel expansion plans.
In a press statement on Monday, Primex said that since debuting on the Philippine Stock Exchange in 2001, it had never relied on bank loans to fund its development activities. Instead, the developer said it mostly provided in-house financing to homebuyers.
This fresh borrowing will now be used to fund a “strategic business activity which will be beneficial to its shareholders and the investing public,” the company said.
“The Primex business strategy has always been to purchase prime properties in prime locations, and this is reflected in its corporate name,” Primex director Karlvin Ang said.
“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,” he said.
Incorporated in 1986, Primex is into raw land acquisition, property development, marketing,and leasing. It is primarily owned by the Ang family and is affiliated with the following privately-held companies: Primex Land Inc., Primex Domain Inc., Primex Realty Corp. and Primex Development Corp.
Citing the strategic locations of its land holdings in Metro Manila and the surrounding areas of Antipolo and Tagaytay, Primex said a number of other companies were interested to enter into “mutually beneficial” businesses and partnerships.
“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,” added Ang.
Earlier this year, its sister company, Primex Realty Corp., topped-off The Stratosphere, a 31-storey residential condominium in Salcedo Village, Makati City. Development is projected to finish by the end of 2015.
Primex listed on the local stock exchange in 2001 with Metrobank unit First Metro Investment Corp. as lead underwriter.
