AbaCore Capital Holdings Inc. said a Singapore-based long-term-oriented investment fund is increasing its stake in the company.
AbaCore did not identify the company but said it is focused on businesses based in Emerging Asia.
“The firm purchased an additional $1.6 million worth of shares from the market, and it intends to buy up to $4 million worth of shares since AbaCore owns valuable land assets and has promising projects in progress, where success can be significantly value accretive this year and beyond,” the company said.
The transaction was brokered by WeCap Financial Inc., a boutique securities brokerage firm in the Philippines, and Auerbach Grayson & Company (AGCO), a New York-based brokerage firm and investment bank, the company added.
AbaCore said the transaction “marks another instance of foreign entities expressing a bullish outlook” on the company.
In 2022, WeCap and AGCO facilitated the purchase of shares in AbaCore by institutional asset managers based in North America and Europe, the company said.
“They invested for reasons such as its stock being undervalued relative to book value and the company’s robust expansion plans,” AbaCore added.
“We believe this investment in ABA’s stock signifies positive sentiment the company is receiving from the market. WeCap is pleased to be given another opportunity to serve as a bridge for foreign investors that want to benefit from ABA’s solid financial results throughout the years,” said Job Ambrosio, WeCap president.