CONSTRUCTION firm Prime Orion Philippines Inc. (POPI) has sold its Cebu property for P432.566 million to fund its operations.
In a disclosure to the Philippine Stock Exchange on Wednesday, POPI said it sold the 10,747 square meter property in Mandaue City to The Urban Apex Resources Group Inc. on Monday.
“The sale of POPI’s property in Mandaue City, Cebu will result in income to POPI, net of cost and expenses, of about P388 million,” the disclosure read.
Formerly led by businessman Felipe Yap, POPI is 51.36-percent owned by Ayala Land Inc. since last month after Ayala bought 2.5 billion POPI shares for P5.62 billion.
POPI owns the 60,000-sqm Tutuban Center in Divisoria through subsidiary Tutuban Properties Inc.
The firm saw a lower net loss of P35 million in the first nine months of fiscal year ending March 2015 from P206 million a year earlier.
The net losses were primarily incurred because of the rental fees for a 3-hectare property of the Philippine National Railways along the Tayuman area. The property is essential for the redevelopment of Tutuban Center which will be linked to the North South Railway Project.