Overview
Abacus Consolidated Resources and Holdings, Inc. is a publicly listed holding company. Its shares are traded in the Philippine Stock Exchange (trading symbol: ABA).
In The News
Abacus Consolidated eyes more properties in Batangas
Business World Online, 13 APRIL 2009LISTED ABACUS Consolidated Resources and Holdings, Inc. will issue more shares to the public as it raises funds to expand its real estate business.
In an interview, Abacus Corporate Secretary Joaquin E. San Diego said the company will issue one billion common shares worth a peso each. The proceeds will be used to acquire additional real properties.
"We already have a property in Batangas and what we want to do is to consolidate [properties] because this would be more attractive," he said.
Mr. San Diego said the company currently has about 170 hectares of land and the plan is to increase this, pointing out that unlike other forms of investment, land banking is a safe investment that gives a high return over a long period of time.
He did not say, however, how many hectares of land Abacus Consolidated plans to acquire since this will depend on the project to be pursued but said the company is currently looking at certain areas in Batangas.
"Abacus has two options. Either we acquire directly or buy the corporations that own the land," Mr. San Diego said.
He added that the company might also create a subsidiary that will handle all its land bank acquisitions.
There is no definite date when the company plans to issue the shares but said the target is to get stockholders’ approval in July.
Abacus Consolidated has partnered with Solar Resources, Inc. and unit Omnicor Industrial Estate & Realty Center, Inc. to develop the 82-hectare Punta Verde in Batangas this year and said it expects profits — mostly from agricultural leases, condominiums, memorial parks and other real estate ventures — to increase by more than two-thirds to P900 million.
Abacus is a holding company that owns a controlling interest in companies engaged in financial services, real estate, and gold and coal mining. It also owns 18% of Pacific Online, a company that holds an exclusive right to lease online lottery equipment for the lotto operations of the Philippine Charity Sweepstakes Office in the Visayas and Mindanao.
The holding company also has a deal with Davao-based Phsamed Mining Corp. for the exploration and development of its gold mining claims in Agusan del Sur, as well as a coal operating contract with the Energy department for Tago and Marihatag, Surigao del Sur. — Kristine Jane R. Liu
Abacus unveils expansion plans
The Philippine Star (philstar.com), 19 MARCH 2009MANILA, Philippines - One of the country’s biggest holding firms continues to buck the global economic crisis as it announced plans to venture into real estate development in Southern Tagalog.
“Our company remains resilient despite the current global economic condition,” said lawyer Leonardo S. Gayao, newly appointed president of Abacus Consolidated Resources and Holdings Inc.
Gayao, who has more than 30 years of experience in finance management and real estate development, said the company will help put up Punta Verde— an 82-hectare residential-resort estate in Matuco Point, Batangas.
Located at the southwest tip of Batangas City, this joint venture project with Solar Resources is being master-planned by Palafox Associates Inc. It will be a complete community with residential facilities, a marina village, a commercial tourism center with retail and trade shops, a resort hotel with wellness facilities and convention center and business park, Gayao said.
One corner of Matuco Point will house Montemaria, a pilgrimage site where a statue of Mary Mother of the Poor will be built, much taller than the Statue of Liberty, he added.
Abacus also has 102 gold mining claims which are being readied for development in Agusan del Sur, and Gayao said the company plans to immediately develop these mining properties to take advantage of the current high prices of gold in the international market.
“Gold is still viewed as a haven for investments, especially in the current economic environment,” he said.
Gayao expressed confidence that their expansion plans will pave the way for their company to achieve their P900 million projected net income this year.
Abacus remains upbeat on 2009 earnings target
BusinessMirror Online Space, 17 MARCH 2009GOLD miner Abacus Consolidated Resources & Holdings Inc. would reach its projected net income of P900 million this year, despite the global financial downturn.
Newly appointed president Leonardo Gayao of Abacus Consolidated Resources said the projected net income is based on the company’s records performance last year that resulted in P535 million in net income.
He said at its current P0.80 per share, Abacus is selling at a mere three times its price-earnings ratio and around two times its estimated earnings for 2009.
Gayao said while Abacus still has a remaining stake in a coalmine, the forefront of its work program is the joint-venture development of Punta Verde, a residential resort in an 82-hectare property in Matuco Point, Batangas. The site is a promontory southwest of Batangas City.
The project is designed as a complete community with residential facilities featuring a marina village, commercial tourism center with retail and trade shops, resort hotel with wellness facilities, and convention center and business park.
The firm also expects a steady dividend income from its 18.23-percent stake in Pacific Online System Corp. (POSC). POSC leases online-betting equipment to the Philippine Charity Sweepstakes for its lottery operations in Visayas and Mindanao.
“Despite the global crisis, 2009 will be a good year for POSC.
The business of lottery may increase in inverse proportion to the economy because people tend to bet more in the lottery in the hope of hitting the jackpot,” Gayao said.
Abacus is also pursuing 02 gold mining claims of which some are already prepared for development in Agusan del Sur.
Gayao said he intends to immediately develop these mining properties to take advantage of the current high prices of gold in the international market, as gold is still viewed as a haven for investments, especially with the current economic environment. —Estrella Torres
Holding firm eyes profit hike
Business World Online, 3 MARCH 2009LISTED HOLDING company Abacus Consolidated Resources and Holdings, Inc. seeks to increase profits this year despite the threat of declining consumer demand due to the slowing global economy.
The company told the stock exchange last week it expected net income to increase by more than two-thirds to P900 million from P535 million last year.
Much of the earnings will likely come from agricultural leases, condominiums, memorial parks and other real estate ventures.
"There are no new projects as of now. Because of the global crisis, [the company] is not in the mood to divest cash and is looking at joint venture projects," Abacus Corporate Secretary Joaquin E. San Diego said.
Abacus owns a controlling interest in companies engaged in financial services, real estate, gold and coal mining. It also owns 18% of Pacific Online, a company that holds an exclusive right to lease online lottery equipment for lotto operations of the Philippine Charity Sweepstakes Office in the Visayas and Mindanao.
The holding company also has a deal with Davao-based Phsamed Mining Corp. for the exploration and development of its gold mining claims in Agusan del Sur, as well as a coal operating contract with the Energy department for Tago and Marihatag, Surigao del Sur.
Abacus Consolidated earlier partnered with Solar Resources, Inc. and unit Omnicor Industrial Estate & Realty Center, Inc. to develop the 82-hectare Punta Verde in Batangas.
The companies hope to start developing the high-end subdivision as soon as it receives the master plan within the quarter.
Mr. San Diego earlier said they were still in the pre-development stage, with work mostly involving clearing the landscape.
Meanwhile, Abacus President Clarita T. Zarraga, who served the firm for 12 years, will retire on March 15 and will be replaced by Leonardo S. Gayao, Abacus vice-president for legal affairs. — Kristine Jane R. Liu