Corporate News

Listed developer Primex secures P300-million bank loan

Posted on March 11, 2015

LISTED Primex Corp. said on Monday it has borrowed P300 million in fresh funds to bankroll its real estate activities.

The five-year term loan from Metropolitan Bank & Trust Co. will be used "to fund its expansion plans in real estate development and strategic business activities which it foresees will generate benefits and values for its public shareholders and the investing public," Primex told the stock exchange.

"We hope to close the deal by March or April...and we plan to avail the loan within the year," Primex Vice President Ericson O. Ang said in a phone interview on Monday, without elaborating.

In a separate media statement, the company said it "had never relied on bank loans to fund its development activities" since its initial public offering in 2001, as it "normally financed installment buyers in-house."

"Due to the strategic locations of its holdings in Metro Manila and the surrounding areas Greenhills, Antipolo and Tagaytay, many companies have been in touch with Primex for possible mutually beneficial businesses and partnerships," the statement read.

These proposals include joint ventures with Primex affiliates for their properties in Makati City, New Manila, Mandaluyong City, Lipa, and Meycauayan.

"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," Primex Director Karlvin L. Ang was quoted in the statement as saying.

Incorporated in 1986, Primex Corp.'s horizontal real estate developments include Goldendale Village, Goldendale II, and Gardenville Townhomes in Malabon City, as well as The Richdale in Antipolo City.

Meanwhile, its vertical developments include the Richbelt Terraces in Greenhills, Greenrich Mansion in Ortigas Center, and the Chantreuse Garden and the Philippine International Trade Center office building in Makati City.

The Primex group also has a joint venture project known as the Xiamen World Trade Center - a mixed-use development in a two-hectare property in Xiamen, China.

Primex is primarily owned by the Ang family and is affiliated with privately-held firms Primex Land Inc., Primex Domain Inc., Primex Realty Corp., and Primex Development Corp. -- Daphne J. Magturo