With the imminent transfer of all of its real estate interests to Abacus Global Technovisions, Inc., Abacus’ principal financial services subsidiary, Philippine Regional Investment Development Corporation (PRIDE), will now focus on its core businesses.
PRIDE’s principal activity consists in the financial packaging of real estate, industrial, logistics and infrastructure projects. PRIDE likewise engages in the underwriting of securities and acts as issue manager of corporations that intend to go public.
PRIDE is also venturing into the mutual fund business by pouring in P50 million into the Philippine International Infrastructure Fund (PIIF). Established in 2008 with an authorized capital of P200 million and a subscribed and paid-up capital of P50 million, PIIF intends to invest mostly in securities of corporations undergoing privatization, with particular emphasis on corporations engaged in infrastructure development. The registration of the shares of PIIF under the Securities Regulation Code is currently in process.
PRIDE has a 40% stake in Pride Star Development Bank (PSDB), a 54-year old bank which has total resources of P110 million as of end 2009. PSDB’s conversion to a private development bank was approved by the Bangko Sentral ng Pilipinas in August 2009.
