HOUSE of Investments, Inc. (HI), the investment holding and management company of the Yuchengco group, has approved the purchase of A.T. Yuchengco Centre from its affiliate bank Rizal Commercial Banking Corp. (RCBC) for P6.07 billion.
The purchase is part of the firm’s long-term plans to consolidate the property interests of the conglomerate.
“This is part of our strategy to realign the businesses of YGC, and strengthen the conglomerate’s position with a more holistic approach in the property development and management sector,” HI President and Chief Executive Officer Lorenzo V. Tan said in a disclosure on Monday.
Mr. Tan said that for the purchase, an investment vehicle will be incorporated to hold the asset as HI’s wholly owned subsidiary.
“This is part of HI’s plans to grow its property business segment in line with the conglomerate’s mission to build and grow a portfolio of strategically diversified and sustainable investments,” he added.
A.T. Yuchengco Centre is a 34-storey tower in Taguig. As one of a limited number of structures accredited by the Philippine Economic Zone Authority (PEZA), it gives special access to tax incentives and government assistance, and is designed especially for BPO offices.
HI is an investment holding and management company and one of the four major flagship corporations of the Yuchengco group. Its core businesses involve car dealership, construction, education and property services. Its portfolio investments are in pharmaceuticals, energy, and afterlife services.
At the stock exchange, HI shares went down by 2.29% or eight centavos to close at P3.41. — Luisa Maria Jacinta C. Jocson