Pryce Corp. eyes spin-off of memorial park business

PRYCE Corp. is evaluating the spin-off of its memorial park business, the Pryce Gardens Memorial Parks, which will be tentatively named Pryce Memorial Park, Inc. (PMPI).

“This will entail the transfer of all memorial park properties and improvements thereon to PMPI. It is believed that the spin-off entity will achieve a sharper business focus, enhance the business, and could lead to further unlocking the potentials of the memorial park business,” Pryce Corp. said in a disclosure filed with the stock exchange on Tuesday.

The spin-off company will have its independent managerial structure, it said.

At present, Pryce Corp. owns and operates 13 memorial parks in major cities and other areas in Mindanao, namely: Cagayan de Oro City; Iligan City; Ozamiz City; Polanco, which is near Dipolog City; Zamboanga City; Davao City; Pagadian City; Butuan City; Manolo Fortich in Bukidnon; Malaybalay City; Malita in Davao Occidental; Bislig in Surigao del Sur; and Alabel in Sarangani.

“Further, the Board also approved an action for management to identify or look for a solar energy firm with whom [we] could partner and study the viability of putting up solar power stations in the Company’s land-banked properties,” the company said.

Pryce Corp. is a property holding and real estate development company with two subsidiaries: Pryce Gases, Inc. and Pryce Pharmaceuticals, Inc.

Pryce Corp. shares at the stock exchange decreased by seven centavos or 1.2% to end P5.78 each on Tuesday. — Marielle C. Lucenio