PRIMEX Corp. is making a foray into mass housing development with the creation of a new subsidiary.
The listed firm told the stock exchange on Thursday the establishment of Primex Housing Development Corp. With this, Primex also subscribed to 41.958 million shares in the newly formed company at P1 per share.
Primex currently caters to the high-end residential market, selling lot-only properties in Goldendale Village in Malabon, The Richdale along Sumulong Highway in Antipolo City, and Goldendale II.
The company’s affiliate, Primex Realty Corp. also owns and developed the 31-storey condominium The Stratosphere in Makati Central Business District.
Its land banked properties are limited to Metro Manila and nearby provinces, specifically in Makati, Greenhills in San Juan, Quezon City, Tagaytay, Antipolo, Malabon, and Bulacan.
Primex booked a net loss attributable to the parent of P2.47 million in the April to June period. This is a reversal of the company’s P2.69-million net income in the same period last year.
Shares in Primex saw a 0.34% or two-centavo uptick to close at P5.97 apiece on Thursday. — Arra B. Francia