Abacus unloading its stake in Pacific Online
Posted on December 27th, 2009
The Abacus Consolidated Resources & Holdings Inc. (ACRHI) announced that it will be unloading is entire stake in the Pacific Online Systems Corp., the exclusive online lottery system provider of the Philippine Charity Sweepstake Offices in the Visayas and Mindanao.
ACRHI said its board approved the plan to divest its 18.28 percent stake in the Pacific Online, as stated in its disclosure to the Philippine Stock Exchange (PSE). The company gave no reason why it wants to dispose its share in a company that has given it P19.6 million in net earnings in the third quarter of 2009.
In the same statement, the company also authorized its board to enter into a memorandum of agreement for the development of the company’s gold mining claims through its subsidiary, the Abacus Goldmines Exploration & Development Corp.
ACRHI submitted earlier a proposal with PNOC-Exploration Corp. to jointly build a 100-kilometer Batangas-Manila natural gas pipeline project, which is now being evaluated by the PNOC-EC and will go through the competitive challenge process under PNOC’s guidelines and procedures.
It is also presently acquiring via share-for-share swap several affiliate corporations owning properties contiguous or adjacent to properties owned by the Abacus Group.
Through its subsidiaries, ACRHI engages in the financial services, real estate and gold and coal mining business in the country. The company’s financial services include arranging project financing for various real estate, logistics and infrastructure projects.
Some of its real estate properties include the 11 hectares of residential leisure farm project in Rosario, Batangas; the 117 hectares of land in Matuco and Pagkilatan, Batangas City, a residential and townhouse project; 40 square hectares air base expansion and township project in San Salvador, Lipa City; and 33 hectares property for hotel and resort development in Malinis, Batangas.
ACRHI also holds 102 gold mining claims in San Francisco and Rosario, Agusan Del Sur.
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