8990 owners buying into Primex

The triumvirate that controls mass housing developer 8990 Holdings Inc. gained a foothold as equity investors in property firm Primex Corp. through a private placement deal.

According to a disclosure to the Philippine Stock Exchange, the three principal shareholders of 8990 agreed to buy 45 million shares of Primex at P4 per share. The deal was priced at 1.8 percent over Friday’s closing price of P3.93 a share.

Primex has 1.616 billion outstanding shares, which means the controlling shareholders of 8990 will get 2.8 percent of the company.

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

8990 Holdings has been in talks with Primex since last year for a potential partnership to unlock values from the latter’s vast idle landbank.

The patriarch of the Ang family that leads Primex started buying land 20 to 25 years ago and had since built a land bank that was attractive to 8990 Holdings. In Bulacan, Primex has a 20-30 hectare property fit for mass housing.

Primex, which listed on the Philippine Stock Exchange in 2001, is into raw land acquisition, property development, marketing and leasing. It is primarily owned by the Ang family.