C08870-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
---|---|---|
COMMON SHARE | 4,185,934,029 | |
AMOUNT OF DEBT OUTSTANDING AS OF SEPTEMBE 30, 2023 | 76,800,000.00 |
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Subject of the Disclosure |
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Sale of land by subsidiary Hedge Inter Market Technologist, Inc. |
Background/Description of the Disclosure |
Subsidiary Hedge Inter Market Technologist, Inc. (“Hedge Inter Market”) entered into an “Agreement to Purchase and to Sell” (ATPS) to sell a parcel of land to Pelican Crest Property Holdings Inc. (“Pelican”) for the sale of 46,063 sqm of land owned by Hedge Inter Market located at San Salvador, Lipa City and Loob, Mataas na Kahoy, Batangas at P600 pesos per square meter for a total of P27,637,800.00 |
Date of Approval by Board of Directors |
Dec 15, 2023 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction | |
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To derive revenue from the land sale. Net proceeds may be subject to dividends upon approval of Hedge Inter Market Board of Directors and other necessary subsidiaries. |
Date | TBA |
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Description of the Transaction |
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Sale of parcel of land by subsidiary Vantage Realty Corporation located at San Salvador, Lipa City and Loob, Mataas na Kahoy, Batangas with an area of 46,063 sqm |
Manner |
ATPS subject to conditions, which, upon full compliance with conditions, will subject the land to a deed of absolute sale in favour of Pelican |
Description of the assets involved |
Real property agricultural, 46,063 sqm |
Nature and amount of consideration given or received |
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Agreement to Purchase and to Sell property |
Principle followed in determining the amount of consideration |
P600/ sqm |
Terms of payment |
50% downpayment upon signing, the difference upon payment of corresponding taxes and transfer of title |
Conditions precedent to closing of the transaction, if any |
- |
Any other salient terms |
- |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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PELICAN CREST PROPERTY HOLDINGS INC | PELICAN CREST PROPERTY HOLDINGS INC is not related to the issuer |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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ABA expects to gain at least P19.7 million from the transaction |
Other Relevant Information |
- |
Source(s) of funds |
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NA |
If any asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, state the nature of the business in which the assets were used by the persons from whom acquired and whether the issuer intends to continue such use or intends to devote the assets to other purposes, indicating such other purposes |
NA |
Name | Rico De Los Reyes |
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Designation | Assistant Vice President, Chief Financial Officer and Comptroller |