Property developer Primex Corp. agreed to sell P180 million worth of shares to three executives of mass housing developer 8990 Holdings Inc. via private placement.
Primex said in a disclosure to the stock exchange it accepted the offer of Luis Yu Jr., Kwantlen Development Corp. as represented by Mariano Martinez Jr. and Januarius Holdings Corp. represented by Januario Jesus Gregorio III Atencio to purchase 15 million shares each at P4 apiece.
Yu is currently the chairman emeritus of 8990 Holdings while Martinez is the chairman. Atencio serves as the chief executive and president of 8990. The acquisition of 45 million Primex shares translates into a 2.8-percent stake in Primex which currently has 1.6 billion outstanding common shares.
Share price of Primex closed higher by 4.1 percent to P4.09 Monday.
Primex secured a P300-million five-year term loan facility from Metropolitan Bank & Trust Co. in 2015 to fund expansion plans including the acquisition of properties in prime locations.