Abacus to divest entire stake in Pacific Online

MANILA, Philippines - Abacus Consolidated Resources & Holdings Inc. said it was divesting its entire stake in Pacific Online Systems Corp. to raise funds in preparation for a proposed joint venture with the Philippine National Oil Co. (PNOC).

ACRHI has submitted a proposal to jointly build a 100- kilometer Batangas-Manila natural gas pipeline project for the Diosdado Macapagal International Airport Corp.

The proposal is now under evaluation by PNOC-EC and will undergo the competitive challenge process under PNOC’s JV guidleines and procedures.

Aside from this, ACRHI will use proceeds from the sale of POSC shares to fund the development of its real estate projects particularly Montemaria.

“The sale of POSC shares will also allow ACRHI to recognize profits from the market appreciation of POSC shares,” ACRHI said.

POSC is the exclusive online lottery system provider of the Philippine Charity Sweepstakes Offices in the Visayas and Mindanao.

In the third quarter this year, ACRHI’s share in the net earnings of POSC amounted to P19.6 million or nearly triple the same period in 2008.

ACRHI is acquiring via a share for share swap several affiliate corporations owning properties contiguous or adjacent to properties now held by the Abacus Group. These proposed transactions are expected to be consummated within the second quarter of next year once the 2009 audited financial statements are completed.

ACRHI, through its subsidiaries, engages in the financial services, real estate, and gold and coal mining businesses in the Philippines. Its financial services include arranging project financing for various real estate, logistics, and infrastructure projects.

The company’s real estate properties include a 117 hectares of land in Matuco and Pagkilatan, Batangas City, which is a residential and townhouse project; an 11 hectares of residential and leisure farm project in Rosario, Batangas; 40 square hectares air base expansion and township project in San Salvador, Lipa City; 33 hectares property for hotel and resort development in Malinis, Batangas; and a 35 hectares of land for agro-industrial or tourist/recreational development in Mataas na Bayan, Batangas. It holds 102 gold mining claims in San Franciso and Rosario, Agusan del Sur.