ASB inks pact with Malayan Insurance

ASB Realty Corp. signed recently a memorandum of agreement (MOA) with Malayan Insurance Co., Inc. which will pave the way for the completion of ASB Malayan Tower now to be known as The Malayan Tower. The agreement also settles a portion of the obligation of ASB in favor of Rizal Commercial Banking corp. (RCBC). The MOA will be subjected to the approval of the Securities and Exchange Commission (SEC) and the Insurance Commission (IC).

The agreement implements the rehabilitation plan as approved by SEC and is a significant step in restoring the confidence of the public in ASB. Under the agreement, Malayan Insurance will complete the construction of the 36-storey building. Once completed, constructed units will be allocated between ASB and Malayan. The units which will be given to ASB shall form part of the assets reserved for the unsecured creditors.