LISTED property developer Philippine Realty and Holdings Corp. secured a bank’s approval on Thursday for its P3.8-billion loan to partially fund the construction of one of its projects.
In a stock exchange disclosure, the company said it received a letter of advice from the Philippine Bank of Communications that approved the company’s application for a five-year term loan.
According to the company, the loan will be used to partially finance the construction of its Casa Unico project
“Casa Unico is a 40-storey upscale residential condominium project of the company to be located in the Bonifacio South District, Bonifacio Global City, Taguig City,” it said.
The property firm said the bank also approved the renewal of the company’s loan lines totaling P610 million for working capital requirements and for general corporate purposes subject to the lender’s single borrower’s limit. The lines will expire on Dec. 31 next year.
Based on its website, company is a listed property development and holdings company. It is engaged in the acquisition, development, sale, and lease of all kinds of real estate and personal properties.
The company’s subsidiaries and associates include PRHC Property Managers, Inc., Tektite Insurance Brokers, Inc., Universal Travel Corp., and Sultan Power Inc. These subsidiaries have business interests in property management, insurance brokerage, travel services, and sale and leasing of managed buildings and real estate.
Its shares at the local bourse were last traded on Sept. 19, when it closed at P0.182 apiece. — Revin Mikhael D. Ochave