Listed miner Omico Corp. said Thursday it cancelled its joint venture partnership with Sta. Lucia Realty and Development Inc. to develop a property in Pangasinan province.
Omico said in a disclosure to the stock exchange both parties mutually agreed to rescind the agreement signed in 2005, which involved the redevelopment of a 23.25-hectare property in Urdaneta, Pangasinan into a residential and/or commercial subdivision.
SLRDI under the agreement was entitled to 55 percent of the developed saleable lots while the remaining 45 percent would remain with Omico.
“The decision made by both parties is to focus on their skills and resources on their respective real estate projects,” Omico said, adding it planned to pursue the project using cash reserves and internally-generated funds from the sale of housing units in Nueva Ecija province.
“With regards to Omico, it will be an opportune time to enhance Omico’s capability to develop its real properties on its own, increase its revenues and maximize investor return,” it said.
Omico, registered on Aug. 30, 1968, has two main business activities –mining exploration and property development. It is engaged in the marketing and sale of real estate and evaluation of future development of other real estate properties.
The company relinquished its rights and obligations in the Macawiwili mining project but remains an active minority investor in the venture.
It diversified its operations into property investment, development of low-cost subdivision housing units and investment in joint venture projects, with the company as landowner and the JV partner as developer.