First Philippine Holdings To Acquire More Stakes in Batangas Hotel Corporation

Listed firm First Philippine Holdings Corporation (FPH) has agreed to purchase from Brightnote Assets Corporation 1,384,127 common shares and 2,572,726 preferred shares in First Batangas Hotel Corporation (FBHC) for a total consideration of Eleven Million Four Hundred Seventy Four Thousand Eight Hundred Seventy Three and 70/100 Pesos (Php11,474,873.70) .

After the sale, FPH’s 40.5% current stake will increase to 57.7%, making FBHC a subsidiary. FBHC owns a hotel situated in First Philippine Industrial Park, also an FPH subsidiary.

Meanwhile, Puregold’s Board has approved the company’s plan to undertake Corporate Notes Issuance of up to P12B as an opportunistic strategy to raise long term money at low interest rates.

The proceeds will be deployed for growth initiatives and to accelerate business expansion by opening more Puregold and S&R stores in strategic areas in order to continue to provide basic goods and essential products in those markets.

The Company currently has 444 stores nationwide among its Puregold, S&R and QSR formats. The Board has also approved the appointment of China Bank Capital Corporation as the Lead Arranger and Underwriter and Sole Bookrunner for the proposed transaction. – BusinessNewsAsia.com