Daily TribuneAbaCore president and chief executive officer Antonio Victoriano F. Gregorio III said Friday the company is focused on unlocking the value of its assets through development, partnerships, capital management and execution.
The sprawling Montemaria Shrine, anchored by the magnificent Mother of All Asia–Tower of Peace is AbaCore Capital Holdings Inc. ‘s flagship development in Batangas. Originally a pilgrimage site, it is rapidly expanding into a premier faith tourism estate and leisure destination.
Photograph courtesy of turismo central luzon/fb
Listed AbaCore Capital Holdings Inc. is racing to monetize its portfolio of strategic assets amid a shift from an investment holding company to a diversified operating enterprise, with tourism, renewable energy, and property development expected to drive its next phase of growth.
AbaCore president and chief executive officer Antonio Victoriano F. Gregorio III said Friday the company focuses on unlocking the value of its assets through development, partnerships, capital management and execution.
Montemaria
AbaCore’s flagship project is Montemaria in Batangas, anchored by the Mother of All Asia–Tower of Peace shrine dedicated to the Virgin Mary — the world’s tallest statue of Mary, Mother of God — built at the center of the eight-hectare pilgrimage site Montemaria International Pilgrimage and Conference Center in Barangay Pagkilatan, Batangas City.
The company plans to transform the site from a pilgrimage destination into an integrated tourism estate with new attractions, hospitality facilities, commercial establishments and supporting infrastructure.
“We believe that Montemaria has the potential to become one of the Philippines’ premier faith tourism destinations while creating sustainable long-term value for our shareholders,” Gregorio said.
Renewable energy projects
The company is also advancing renewable energy projects through Simlong Energy Development Corp. and its partnership with the Philippine National Oil Co.
AbaCore said it will also continue to evaluate opportunities in property development, infrastructure, logistics, and natural resources while generating revenue from the sale, lease, joint venture, or other forms of monetization of its land bank and investment properties.
Following the stockholders’ meeting, the board elected Independent director Omar T. Cruz as non-executive chairman, while Gregorio was elected vice chairman, president and chief executive officer.
Simlong Energy president Arturo V. Magtibay was elected executive vice president and chief operating officer.
Last year, AbaCore posted a net income of P1.732 billion as total assets grew 5 percent to P28.009 billion and equity climbed 8 percent to P23.655 billion, driven by higher investment property values.
Total liabilities, meanwhile, declined nine percent to P4.354 billion as the company continued to settle obligations and reduce related-party advances.
