The board of directors of Abacore Capital Holdings approved the acquisition of Simlong Energy Development Corporation .
In the acquisition, Abacore will subscribe to P900 million of the increase in SEDCO's authorized capital stock, making SEDCO a subsidiary of Abacore. Abacore will then own at least 90% of SEDCO. SEDCO has several deals with Chinese companies for the Belt and Road Initiative, including China Petroleum Pipeline Engineering Company Limited and China Harbour Engineering Company Limited for the development of the Simlong Energy Industrial Park project in Batangas.Real estate firm Century Properties Group posted a net income of P1.15 billion in the 1st quarter of 2021, 22.2% lower than in the same period in 2020 due to quarantine restrictions slowing down sales and construction.
"The high-margin segments of affordable housing and office leasing proved to be resilient throughout the year and contributed 93% to the net income compared to 43% last year."