THE 8990 Holdings group plans to increase its stake in property firm Primex Corp. further to 10 percent to gain easy access to Primex’s land bank for an upcoming joint venture, a top 8990 official said on Wednesday.
8990 Holdings Inc. President Januario Jesus Atencio 3rd told The Manila Times his group is targeting to acquire “about 10 percent” of Primex.
In a disclosure to the Philippine Stock Exchange also on Wednesday, Primex said three investors each subscribed to 15 million shares of the company at a price of P4 per share, or a total of P180 million.
All three investors come from the 8990 Holdings group, namely 8990 Holdings Chairman Emeritus Luis Yu Jr., Atencio-led Januarius Holdings Corp. and subsidiary Kwantlen Inc.
The latest transaction doubled the group’s interest in Primex to 5.6 percent, from 2.8 percent as of October 2016.
Atencio said the group is keen on having a joint venture with Primex due to the latter’s sizable and attractive land inventory in strategic areas.
“It’s more of the locations of their land bank that make it a really good portfolio,” the 8990 Holdings president said in a text message to the Times.
Incorporated in 1986, Primex is a property firm engaged in land acquisition, development, and leasing. It develops mid to high rise residential condominium towers, which include Goldendale Village, Goldendale II and Tresor Residences in Malabon; The Richdale in Antipolo City; and The Stratosphere in Salcedo Village, Makati City.
8990 Holdings is a real estate firm engaged in the development of low-cost mass housing and mid-income housing units.