A UNIT of Leisure and Resorts World Corp. (LRWC) will be taking out a P2.5-billion loan from BDO Unibank, Inc. to partially finance its planned resort development.
In a disclosure to the stock exchange on Friday, the listed firm said its wholly-owned subsidiary AB Leisure Global, Inc. has executed an omnibus loan and security agreement (OLSA) with the Sy-led bank.
“The OLSA was executed to fund the acquisition of parcels of land for its planned resort development,” the company said in the disclosure.
LRWC did not include further details about the resort project.
Incorporated in 1957, LRWC and its subsidiaries operate internet and gaming enterprises in the Cagayan Special Economic Zone Free Port. It further develops leisure properties in the country.
LRWC profits declined 59% in the first nine month of 2017 to P362 million, following a 10% year-on-year drop in revenues to P7.3 billion.
Shares in LRWC were down by 2.45% or nine centavos to close at P3.59 apiece on Friday. — Arra B. Francia