MINING firm Abacore Capital Holdings Inc. on Wednesday said it disposed of a property in Mabini, Batangas, owned by one of its units.
In its disclosure to the Philippine Stock Exchange, the company said it sold its 30,117-square-meter property located in Mabini to Premiere-Slag International Inc. for P225.87 million.
The said property is owned by Abacore unit Omnilines Energy International Network Inc.
“It will create revenue which will be [divided] to the issuer,” Abacore said in its disclosure.
“The dividends, once received by Abacore, shall be utilized for the acquisition of 10-percent shares of stock of Premiere-Slag which will have an authorized capital stock of P1.2 billion,” it added.
“This will make Abacore direct owner of an operating company in the business of producing, processing, and selling cement, or cement mixed with other components. This transaction shall create other sources of recurring revenue for Abacore from possible dividends of the operating company,” it said.
Abacore was originally incorporated on April 30, 1981, as Piedra Negra Mining Corp., a coal mining company.
In 1989, the company changed its name to Abacus Consolidated Resources and Holdings Inc. and subsequently changed its primary purpose from a mining firm to that of a holding company.
On October 18, 2013, the Securities and Exchange Commission approved the change in corporate name to the present one.