Fil-Hispano sells Valenzuela lot to Ellimac for P148-M

In line with its asset disposal program, the publicly-listed Fil-Hispano Holdings Corp. sold a 3.2-hectare lot in Valenzuela City to a local property holding firm for about P148 million.

FHHC corporate information officer Roberto San Jose told the Philippine Stock Exchange a memorandum of agreement for the sale has been signed with buying party Ellimac Prime Holdings Inc., with the execution of the deed of sale scheduled on March 4.

San Jose said the sale is subject to the approriate corporate resolutions of the respective parties and the submission by Ellimac of an acceptable letter of credit to secure the balance of the purchase price.

FHHC was principally engaged in the manufacture and sales of ceramic wall and floor tiles until 1999 when it decided to shut down permanently its ceramic tile manufacturing facilities due to unprofitable operations.

Since then, its management has developed a business plan to raise funds to retire its existing loans, to fund costs related to its reorganization and to invest in companies engaged in Internet, high-technology, media, communication, leisure and entertainment business ventures. – Conrado Diaz Jr.