A. Brown Co. Inc., the listed holding company of the Brown Group of Companies, plans to conduct a P1.5-billion preferred shares offering in October.ABCI will offer up to 10 million preferred shares with an oversubscription option for another 5 million shares at P100 apiece. The company tapped PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole bookrunner for the transaction.A. Brown plans to use the net proceeds from the sale to develop pipeline real estate projects, land banking, and development of a network of irradiation facilities aimed at improving the quality of agricultural and fishery products. For its real estate business, ABCI plans to develop more properties that follow the concept of healthy, environment-friendly, and low dense communities. The company said it has a landbank of 293 hectares in key provinces that are well-positioned to take advantage of the demand for trending properties. The properties include a 300-hectare master-planned community in Tanay, Rizal which is being developed into an upscale residential estate, commercial complex, themed restaurants, bike trails, villas, and economic and socialized housing.ABCI also owns a 280-hectare agro-tourism and retirement estates in Manolo Fortich, Bukidnon which features an 18-hole golf course, commercial and farm lots, and a 10-hectare land in Butuan City which will host mid-housing projects.“Our focus has always been on properties that underscore healthy, environment-friendly, and low-dense communities with a focus on the city, mountainside, agricultural, golf and sea resort, and lifestyle developments,” said Robertino Pizarro, president and chief executive of ABCI.“This has allowed us to respond quickly to the changing demands of the market and sustain our niche developments,” he said.ABCI registered reservation sales of P1.5 billion in 2020, up 50 percent from the previous year’s level. Despite the health crisis, ABCI expects demand for residential projects, particularly for house-and-lot projects in less dense neighborhoods, to remain strong.
posted September 30, 2021 at 07:40 pm by Jenniffer B. Austria
