ABACORE Capital Holdings, Inc. through its wholly owned subsidiary Philippine Regional Investment Development Corp. (PRIDE) is expecting further growth as its businesses move its operations to Batangas.
“AbaCore, PRIDE, and all its affiliates are in the best position to strategically take advantage of the opportunities presented with the development and growth of the Province of Batangas as the next Metro hub in the CALABARZON area,” AbaCore said in a statement on Wednesday.
PRIDE’s wholly owned units, Adroit Realty Corp. and San Isidro Catholic Memorial Park Development Corp. are said to be completing sales worth at least P958-million gross in the first six months of 2021.
AbaCore said the properties form part of its energy hub project in Simlong, Batangas.
Adroit and San Isidro are “transacting” their seafront properties along Batangas Bay.
“Upon consummation, PRIDE and affiliates expect Adroit and San Isidro to generate P728 million of net profit to PRIDE and affiliates’ bottom line, in addition to booked income of P100 million in the sale of marketable securities,” the company said.
PRIDE also expects to earn from its partnership with SquidPay Technology, Inc. to convert and run its PhilStar Development Bank to a digital bank, which will be based in Batangas.
AbaCore pointed to the government’s Build, Build, Build program, saying that it spurred growth in the industrial and tourism industries in the province.
“This has led to locators investing in Batangas real properties in anticipation of capital gain considering the relative value properties in Batangas have over its Metro Manila counterparts,” the company said.
On Wednesday, shares of AbaCore at the local bourse closed unchanged at P1.13 each. — Keren Concepcion G. Valmonte
