^

Business

ASB Group seeks okay of joint venture with Sta Lucia

- Zinnia B. Dela Peña -
The ASB Group of Companies has sought the approval of the Securities and Exchange Commission (SEC) of its joint venture agreement with Sta. Lucia Realty & Development Inc. with respect to the development of a residential and commercial subdivision.

The project will rise on a 55-hectare property in Batangas.

Under the agreement, Sta. Lucia will develop the property into an exclusive residential enclave. In exchange for its investment, Sta. Lucia will get half of the net saleable area after the properties have been developed while the other half will be shared by the group of ASB Realty Corp., Sto. Tomas Agri-Farms Inc. (STAFI) and Novoland Development Corp.

ASB Realty and STAFI will each get 43 percent of the remaining half of the net saleable area while Novoland will get 14 percent.

The property was earlier the subject of a joint project agreement between ASB Realty, STAFI and Novoland whereby ASB Realty and Novoland contributed a sum of money while STAFI provided the land.

The ASB Group said it expects to earn at least P100 million from the proposed project which, in turn, will go to its asset pool which can be used to settle obligations.

Julio C. Elamparo, the incumbent rehabilitation receiver for the ASB Group, said the approval of the joint venture agreement is for the best interest of ASB and its creditors as it will lead to the recovery of its investment.

ASB filed for receivership with the SEC in May 2000 after failing to settle liabilities amounting to over P12.7 billion from both unsecured and secured creditors. The company’s unsecured creditors consist of 700 individuals while its secured creditors compose of 14 banks.

vuukle comment

ASB

DEVELOPMENT INC

GROUP OF COMPANIES

JULIO C

LUCIA REALTY

NOVOLAND

NOVOLAND DEVELOPMENT CORP

REALTY AND NOVOLAND

REALTY CORP

SECURITIES AND EXCHANGE COMMISSION

TOMAS AGRI-FARMS INC

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with