Primex secures P300-M loan from Metrobank for expansion

MANILA, Philippines - Real estate developer Primex Corp. is beefing up its war chest for expansion this year through a P300-million five-year term loan facility from Metropolitan Bank & Trust Co.

Primex said the Metrobank loan would serve as the company’s standby credit to fund its expansion plans in property development and related activities.

The company is currently in the hunt for possible acquisitions and joint venture deals to bolster its business this year.

Since its initial public offering in 2001, Primex said it had never relied on bank loans to fund its development activities and normally financed installment buyers in-house.

The P300-million borrowing is seen to fund a strategic business activity which will be beneficial to its shareholders and the investing public, the listed firm said.

“The Primex business strategy has always been to purchase prime properties in prime locations, and this is reflected in its corporate name. That business model now translates into a property holdings portfolio that has expanded its values in multiples far beyond its book values from the time of acquisition 20 to 30 years ago,” Primex director, Karlvin L. Ang said.

With the strategic locations of its properties in Metro Manila and the surrounding areas Greenhills, Antipolo and Tagaytay, Primex said many companies have been in touch for potential partnerships.

The firm said joint undertaking proposals with Primex affiliate companies include their Makati, New Manila, Mandaluyong, Lipa, and Meycauayan properties.

“A conservative approach and efficient cost management policy have spurred local and foreign investor interest in the company’s future expansion plans and growth strategy,” Ang said.

Primex, which was incorporated in 1986, is engaged in different aspects of real estate, including raw land acquisition, development, marketing and leases.

Primarily owned by the Ang family, its affiliates include Primex Land Inc., Primex Domain Inc., Primex Realty Corp. and Primex Development Corp.