PHILSTAR.COM, DECEMBER 27, 2011 BY ZINNIA B. DELA PEÑA
MANILA, Philippines - Listed holding firm Abacus Consolidated Resources & Holdings Inc. said it expects 2012 to be a banner year for the company as it steps up activities in mining and real estate.
In a disclosure to the stock exchange, Abacus president Leonardo Gayao said revenues to be generated from new business decisions would boost its profitability next year.
Gayao said the company approved the assignment or transfer of gold mining rights to fully-owned unit Abacus Goldmines Exploration & Development Corp. The move is in preparation for the entry of a joint venture partner – a Chinese group with whom Abacus has been in talks with.
The assignment, together with the necessary procedure of estimating and appraising the mining rights, is expected to result in an income of P300 million for Abacus.
Aside from this, Abacus is going full blast in its selling efforts in its real estate venture in Batangas as it has already received from the Housing & Land Use Regulatory Board the permit to sell for its MonteMaria real estate project and its condominium units, all located in Batangas City.
Abacus also decided to consolidate the company’s operation, focusing on operations of a non-bank financial institution. It consolidated its investment house subsidiary Philippine Regional Investment Development Corp., which has under its wings a mutual fund, Philippine International Infrastructure Fund, and various real estate development companies.
In line with the consolidation, the real estate holdings will be re-appraised to reflect current values, thereby generating an appraisal increase that is estimated to reach no less than P200 million.
Moreover, Abacus approved the reclassification of its investment in Pacific Online Systems Corp., which will result in book value of the shares by at least P100 million.