A group of foreign investors has acquired approximately 10 percent of listed AbaCore Capital Holdings Inc.
Investment bank Auerbach Grayson in a statement said it facilitated the purchase on behalf of “major institutional asset managers based in North America and New York.”
Auerbach Grayson failed to provide how much the acquisition was worth but this may have been valued at around P870.71 million, based on the company’s outstanding stocks and closing price of Tuesday.
The New York-based investment bank said the investment to AbaCore was made due to factors like AbaCore’s robust expansion plans.
AbaCore has exposures in coal and gold mining, financial services, leasing of gaming equipment and real estate.
“Abacore’s stock has more room for growth due to the stock price being undervalued relative to its book value,” Auerbach Grayson said.
In mining, the company signed a coal exploration agreement with Oriental Vision Mining Philippines Inc. (ORVI) in which ORVI will conduct exploration work on three coal blocks AbaCore owns in Surigao del Sur, where it could earn royalty fees should ORVI find coal and other minerals in its exploration work. – Ruelle Castro
