AbaCore Capital Holdings, Inc. Continues the Consolidation of At Least 150 Hectares of Land to Form the Abacore Energy Hub in Batangas
May 05, 2021 at 07:16 pm EDT
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At the meeting of the Board of Directors of Abacore Capital Holdings, Inc. held May 5, 2021, approved the project with Simlong Energy Development Corporation will proceed, and as such, the company will continue the consolidation of at least 150 hectares of land to form the Abacore Energy Hub in Batangas. The project was previously delayed due to the on-going pandemic but has been incorporated into several preparatory and implementing agreements as follows: The properties of ABA affiliates will be consolidated in Simlong Energy Development Corporation (SEDCO), which will be majority owned by ABA, to enter the energy business by developing the Batangas Energy Hub. As disclosed in 26 April 2021 disclosure, Vires Energy, a wholly owned subsidiary of A. Brown Company, Inc., (BRN), will locate itself in the Abacore Energy Hub. Vires obtained its Notice to Proceed with its LNG gasification facility and power plant last 22 April 2021 from the Department of Energy.
AbaCore Capital Holdings, Inc. is a Philippines-based holding company. The Company has interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services. The Company operates through three segments: holding company, real estate business and financial services. The holding company segment is primarily engaged in purchasing, owning, holding, transferring, or disposing of real property of every kind and description, including shares of stocks and other securities, contracts or obligations of any corporation or association. The real estate segment includes purchases of land for appreciation. The financial services segment is involved in the accumulation of deposits and extension of rural credits to small farmers and tenants and to deserving rural industries or enterprises. The Company holds 102 gold mining claims in Agusan del Sur and Surigao del Sur and seven coal blocks, each containing 1,000 hectares, located in Surigao del Sur.