LANDBANK lends P1.6B to Pryce
LAND BANK of the Philippines (LANDBANK) last month inked a P1.6-billion loan agreement with Pryce Corp. (Pryce) to fund the expansion of its real estate development and liquefied petroleum gas (LPG) distribution businesses.
The lender said in a statement on Wednesday that Pryce will allocate P1.5 billion for the construction of LPG terminals and refilling stations of its subsidiary, Pryce Gases, Inc., while P105 million will go to subsidiary Oro Oxygen Corp. to fund the expansion of its LPG products distribution.
The remaining P55 million will finance the development of Pryce’s memorial parks and columbariums in Mindanao, including one in Iligan City that is under construction, LANDBANK said.
The lender said LANDBANK President and Chief Executive Officer Cecilia C. Borromeo, Pryce Chairman Salvador P. Escaño, and Pryce President Efren A. Palma signed the loan on Jan. 27 at LANDBANK Plaza in Malate, Manila.
“LANDBANK is committed to supporting the continued expansion of Pryce Corporation to help provide a wide array of essential products and services to customers nationwide. We stand ready to serve the growth requirements of the firm and its subsidiaries, as well as other productive businesses towards advancing inclusive economic development,” Ms. Borromeo said.
“The P1.6-billion loan from LANDBANK, combined with Pryce’s existing resources, will help Pryce to further expand its LPG infrastructure and penetrate the market more deeply, thereby enabling Pryce to increase its market share. It will also bring the PryceGas products closer and more accessible to the many household consumers,” Mr. Escaño said.
LANDBANK booked a net income of P30.1 billion in 2022, backed by improved interest income, commissions, and foreign exchange gains.
Meanwhile, Pryce is a listed firm that was established as a property holding and real estate development company that mainly operates in Mindanao, being involved in the development of memorial parks and sale of memorial lots.
It owns and operates 13 memorial parks in Mindanao’s major cities such as Cagayan de Oro, Iligan City, Ozamiz, Polanco, Zamboanga City, and Davao City, based on its company information page on the Philippine Stock Exchange website.
Its subsidiary Pryce Gases is engaged in the importation and distribution of LPG under the brand name PryceGas.
Pryce’s attributable net income stood at P477.82 million in the third quarter of 2022, down from P646.28 million the year prior.
This brought its nine-month profit to P1.12 billion, also lower than the P1.338 billion posted in the same period in 2021.
Pryce shares closed at P5.30 apiece on Wednesday, up by two centavos or 0.38%. — AMCS