A BROWN Co., Inc. (ABCI) is investing P2.5 billion in the construction of a mixed-use complex under a joint venture agreement with the Misamis Oriental provincial government.
The project will be developed in four phases and is part of an integrated master development plan, the company said in a regulatory filing on Tuesday.
ABCI said the first phase of the project covers three components, which include the development and construction of office spaces, a commercial center, a park, and parking facilities.
The final phase of the project will consist of the development and construction of a multilevel mixed-use building with a dormitory.
The company said it will disclose more information on the final terms and conditions of the project once the joint venture agreement is signed.
ABCI is a Mindanao-based company with interests in sectors such as property, power generation, public utilities, and agribusiness.
For the first nine months, ABCI saw a 40% decline in its net income to P290.82 million from P484.50 million the previous year.
Revenue rose by 31% to P1.45 billion from P1.10 billion a year earlier, led by higher sales of real estate units and agricultural goods such as crude palm oil.
The total cost of sales and services likewise increased by 95% to P761.34 million from P390.23 million the previous year due to higher sales.
ABCI shares fell by 1.75% or one centavo to 56 centavos apiece on Tuesday. — Revin Mikhael D. Ochave