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By Reggie Vizmanos

Primex Taps Former BSP Monetary Board Member Abacan, Jr. As New Independent Director

Real estate developer Primex Corporation has announced the appointment of Mr. Antonio S. Abacan, Jr., a former member of the Monetary Board at the Bangko Sentral ng Pilipinas (BSP), as an Independent Director to the corporation’s Board.


Primex revealed that it foresees revenues continuing to pick up with the recent completion of its flagship Primex Tower. I Photo: Accor



Primex disclosed to the Philippine Stock Exchange (PSE) that it expects Mr. Abacan to be a pivotal force in advancing the company’s strategic growth initiatives, owing to his wealth of experience and deep-seated passion for the industry.


The company noted that apart from previously serving at the BSP, Mr. Abacan also held key executive positions and served on the Boards of Directors of various Metrobank Group companies.



His extensive background in these influential organizations positions him as a valuable asset to Primex, the company stressed.


Primex shared that it anticipates Mr. Abacan’s exceptional leadership, strategic insight, and unwavering commitment to excellence will seamlessly align with the company’s mission and objectives.



Ernesto O. Ang, President and Chairman of the Board at Primex, emphasized, “As our new Independent Director, Mr. Abacan will be instrumental in driving Primex Corporation forward, ensuring sustained growth and success within the industry. His profound understanding of market dynamics, coupled with his strategic vision, will guide us in navigating new opportunities and overcoming industry challenges.”



Meanwhile, Karlvin Ernest L. Ang, Executive Vice President of Primex, reported that the company has seen an upswing in financial performance in recent months.


“For the first three months of 2024, the company consummated real estate sales amounting to PHP175.8 million, compared to the same period last year, which was only driven by rental income,” he said.



Primex recorded gross revenues amounting to PHP219.1 million for the first quarter of 2024, a huge leap compared to PHP46.1 million for the same period in 2023.


This remarkable performance resulted in a Net Income After Tax of PHP82.1 million in the first three months of 2024, an increase of over 700 percent from the PHP9.6 million reported in the same period last year, Ang added.



Primex revealed that it foresees revenues continuing to pick up with the recent completion of its flagship Primex Tower – a 50-story LEED-certified office and commercial building located at the corner of EDSA and Connecticut Street in Barangay Greenhills, San Juan City.



Primex’s completed projects include the Goldendale Village located in Malabon City and The Richdale situated along Sumulong Highway, Antipolo City, both high-end residential projects.


The company also completed the development of Goldendale II and Tresor Residences, also located in Malabon City.




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