Abacore, Solar group in joint venture talks
Investment holding firm Abacore Capital Holdings Inc. is in talks with the Tieng brothers of Solar group for a possible real estate joint venture at Montemaria pilgrimage site in Batangas.
Brothers Wilson and William Tieng are both directors and shareholders of Abacore but they did not take part in the voting to negotiate with their Solar group for a possible joint venture.
The board of Abacore also authorized its wholly owned subsidiary, Philippine Regional Investment Development Corporation (PRIDE) to accept cash payment for the subscription to the increase in the authorized capital of PRIDE from one billion to three billion. The subscription to the capital hike is currently being negotiated by management with strategic investors.
“Abacore is bullish this year considering the boom in real estate in Batangas and the infrastructure development in the area, which includes the extension of the STAR tollway, development of the international seaport and the transfer of other industries to Batangas,” the company said in a disclosure to the Philippine Stock Exchange.
The real estate interests of Abacore are lodged under Omnicor Industrial Estate and Realty Center Inc. (Omnicor), a subsidiary of PRIDE. Omnicor’s main real estate project is a residential, pilgrimage and recreation complex in Matuco Point, Batangas City.
With a peak elevation of 180 meters above sea level, Matuco slopes down toward white sand beach Verde Island Passage.
On a quiet spot of Matuco Point, a pilgrimage site called Montemaria is under construction. It features a giant statue of the Blessed Virgin Mary, chapels, auditoriums, retreat houses, meditation gardens, condotels and other facilities.
Including assets in other sites, Abacore, through its subsidiaries, owns at least 200 hectares of land in Batangas.
The board has also authorized Abacore’s management to sell the unsold portions of the properties of its subsidiaries in Mataas na Bayan, Lemery, Batangas, with an area of 146,992 square meters to Steel Asia or its assignees at P2,500 per sqm if paid in cash, P3,000 per sqm if paid in two years, or P3,500 per sqm if paid in four years.
The company’s management has also reported to the board that it was expecting subsidiary Abacus Coal Exploration and Development Corp. to have continuous operation by June 2019.
Formerly Abacus Consolidated Resources and Holdings, Abacore used to be a coal mining firm. In 1989, the current majority owners bought the company and converted it into holding firm. —DORIS DUMLAO-ABADILLA