LISTED holding firm AbaCore Capital Holdings, Inc. said it has secured $1.6 million in additional investment from a Singapore-based investment company.
The Singaporean company bought $1.6 million more in shares and plans to buy up to $4 million worth, AbaCore said in a statement on Monday, without disclosing the company’s name.
The investment fund is “long-term oriented” and focuses on businesses based in “emerging Asia,” it added.
AbaCore said the transaction was brokered by Philippine boutique securities brokerage company WeCap Financial, Inc. and New York-based brokerage company and investment bank Auerbach Grayson & Co. (AGCO).
In 2022, WeCap and AGCO facilitated the purchase of AbaCore shares by institutional asset managers based in North America and Europe, citing the Philippine listed company’s undervalued stock relative to book value and expansion plans.
“We believe this investment in AbaCore’s stock signifies positive sentiment the company is receiving from the market. WeCap is pleased to be given another opportunity to serve as a bridge for foreign investors that want to benefit from AbaCore’s solid financial results throughout the years,” WeCap President Job Ambrosio said.
AbaCore is a conglomerate that has business interests in real estate, financial services, and tourism.
On Monday, AbaCore shares fell by 0.81% or one centavo to P1.23 per share. — Revin Mikhael D. Ochave