PROPERTY developer Primex Corp. on Monday said it has secured a P300-million, five-year term loan facility that will serve as its standby credit to fund its expansion plans.
The company said the loan was secured from Metropolitan Bank and Trust Co., the company said in its disclosure to the Philippine Stock Exchange.
“The company intends to avail itself of the term loan facility as standby credit to fund its expansion plans in property development and strategic real-estate business activities that they foresee will generate value and benefits to its shareholders and the investing public,” it said.
The company did not give specific details on the loan proceeds.
Karlvin Ernest Ang, the company’s director and corporate secretary, said the company has land holdings in strategic locations in Metro Manila. Ang said it has joint undertaking proposals with Primex affiliates, including their Makati, New Manila in Quezon City, Mandaluyong, Lipa and Meycauayan properties.
“The Primex business strategy has always been to purchase prime properties in prime locations. That business model now translates into a property holdings portfolio that has expanded its values in multiples far beyond its book values from the time of acquisition 20 to 30 years ago,” Ang said.
Primex has land holdings in Greenhills, Antipolo and Tagaytay.
“A conservative approach and efficient cost-management policy have spurred local and foreign investor interest in the company’s future expansion plans and growth strategy,” he said.
Earlier this year its sister company Primex Realty topped off its 31-story residential condominium in Makati City. The development is projected to finish by the end of 2015. The company, incorporated in 1986, is owned by the Ang family, who also owns Primex Land Inc., Primex Domain Inc., Primex Realty and Primex Development Corp., all of which are currently privately held. Since its initial public offering in 2001, the company said it never relied on bank loans to fund its development activities and normally financed installment buyers in-house.
Primex said it has nurtured a good business relationship with the Metrobank. Its initial public offering was launched under First Metro Investment Corp., the investment banking arm of Metrobank.
VG Cabuag