MANILA, Philippines - A Brown Co. Inc., the holding firm of the Brown Group of Companies, is selling its entire stake in its chalets/hotel unit to its top officials for P24.50 million.
A Brown intends to sell its 50 million shares representing 100 percent equity of Brown Resources Corp. (BRC) to the company’s executive chairman Walter W. Brown and director Annabelle P. Brown, the firm told the local bourse yesterday.
Shares of BRC, the company that operates the chalets/hotel business of the Brown Group of Companies, will be sold at P0.49 apiece totaling to P24.50 million, A Brown said.
A Brown said the amount was determined based on the fair market value of the real estate properties and the carrying value of the other assets minus the liability values.
“The sale of BRC will realign the business focus on the core businesses of the company and increase liquidity with the receipt of the proceeds from the sale,” A Brown said.
A Brown is primarily engaged in the business of real estate development. Its subsidiaries operate businesses in power generation, oil palm nursery and seedlings distribution, palm oil milling, real estate brokerage and investment in gold mining assets.
Brown’s foray into the energy business includes a 135-megawatt coal-fired power plant in Concepcion, Iloilo through its subsidiary Palm Concepcion Power Corp.