AbaCore attracts foreign investors

MANILA, Philippines — AbaCore Capital Holdings Inc. has attracted the interest of foreign investors.

New York-based global brokerage firm and investment bank Auerbach Grayson & Co. facilitated the transaction.

A statement sent by AbaCore Capital quoted Auerbach Grayson as saying that the international brokerage company placed a block of stock in AbaCore Capital with major institutional asset managers based in North America and Europe.

It did not disclose the amount of shares and the seller’s identity was not disclosed.

The investment in AbaCore Capital comes on the back of the company’s robust expansion plans that will increase the company’s bottom line and boost shareholders’ return on their investments.

The company for instance is pursuing ventures with various business partners across a range of sectors. It signed a coal exploration agreement with Oriental Vision Mining Philippines Inc. (ORVI), which will conduct exploration work on three coal blocks AbaCore owns in the province of Surigao del Sur.

AbaCore Capital earlier  sold land to the Gaisano group and a national meat-processing chain. The company is also developing the ABA energy hub, which covers 103 hectares of land in Batangas.

WeCap, a boutique advisory firm based in Manila, represented the sellers in the transaction.

“We are pleased to work with Auerbach Grayson in this transaction. WeCap is grateful for the opportunity to advise clients in directing their investments toward companies that have successfully demonstrated long-term growth potential,” said Job Ambrosio, CEO of WeCap Inc.

“We have been doing business in the Philippine market for almost 30 years and despite world events, we continue to see interest and opportunity in the Philippines as its economy continues to grow,” said David Grayson, founder and CEO of Auerbach Grayson.

Auerbach Grayson provides research, trade execution and settlement services in equities and fixed income instruments to US institutional clients.

It has a network of local broking partners in over 125 countries and serves as the largest global broker in terms of companies covered and number of analysts around the world.

AbaCore Capital is a holding company whose shares are listed and traded on the Philippine Stock Exchange.

At present, the company has interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services.