8990 triumvirate buying into Primex

The three controlling shareholders of mass housing developer 8990 Holdings Inc. have inked a deal to buy into property developer Primex Corp. through a private placement deal.

In a disclosure to the Philippine Stock Exchange on Monday, the three principal shareholders of 8990 agreed to buy 45 million shares of Primex at P4 per share.

At present, Primex has 1.616 billion in outstanding common shares, which means that the controlling shareholders of 8990 Holdings will get an initial 2.8 percent in the company.

8990 Holdings chair emeritus Luis Yu, Kwantlen Development Corp. as represented by 8990 Holdings chair Mariano Martinez and Januarius Holdings Corp. represented by 8990 president Januario Jesus Gregorio III Atencio each agreed to acquire 15 million shares in Primex.