Abacus dangles Batangas lot for jv with property developers

Manila, Philippines - Abacus Consolidated Resources & Holdings Inc. is hoping to forge partnerships with the country’s top real estate developers for its 1,500-hectare prime property in Batangas, which it aims to convert into a master-planned community.

In a disclosure to the Philippine Stock Exchange, Abacus Consolidated said it is in the process of consolidating the land area for a township concept of community development within Lipa City and its neighboring municipalities.

“For the current year, the company will take a strong position in corporate mergers and consolidation to accelerate the development of the company’s real estate activities…Hopefully, joint venture agreement with several conglomerates could push through within the fourth quarter,” Abacus Consolidated said.

Abacus Consolidated said it would also pursue its merger with Lodestar Investment Holdings Inc. to jumpstart the development of its coal mining project in Surigao.

“We expect to enter into private agreements with experienced mining operators. We are also actively pursuing our gold mining exploration application and once, given the go-signal by regulatory authorities to further develop our claims which has great earning potential for our company,” Abacus Consolidated said.

In addition, Abacus Consolidated said it plans to liquefy its holdings in Pacific Online to generate funds for its ongoing projects, which will assure investors of receiving a profitable return of investment.

The company posted a net profit of P672.4 million, a big chunk of which, or P497 million, came from gain on transfer of mining rights.

Other substantial income contributors include share in net earnings of associates and gain on revaluation of investments properties, which represent some 25 percent of total income.