Abacore Capital eyes joint venture with Tiengs

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ABACORE CAPITAL Holdings, Inc. is ramping up its real estate investments this year, as it expects further infrastructure development in Batangas where it has a land bank of about 200 hectares.

In a statement Wednesday, Abacore Capital said it authorized management to negotiate and sign with siblings William and Wilson Tieng of Solar Group for a possible joint venture in Montemaria, Batangas City. Montemaria is a development owned by Abacore Capital’s subsidiary.

“Abacore is bullish this year considering the boom in real estate in Batangas considering the infrastructure development in the area which includes extensions of the STAR tollway, development of the international seaport, and the moving of other industries to Batangas,” the company said.

It will further sell portions of properties in Batangas spanning 146,992 square meters to Steel Asia Manufacturing Corp., at a price range of P2,500 to P3,500 per sq.m. depending on the payment terms.

Meanwhile, Abacore said its board of directors allowed its wholly owned unit Philippine Regional Investment Development Corp. to hike its authorized capital stock to P3 billion from P1 billion. The board also allowed the company to accept cash as payment for the subscription to the shares.

Abacore said it is speaking with strategic investors for the share subscription. — Arra B. Francia