<article><a href="http://www.abrown.ph/%20">A Brown Group of Companies Inc</a> (ABCI), a listed holding firm in the Philippines, announced on Monday that it has sold completely its chalets and hotel business amounting to $618,000 (P27.3 million).</article>

<a href="http://www.abrown.ph/%20">A Brown Group of Companies Inc</a> (ABCI), a listed holding firm in the Philippines, announced on Monday that it has sold completely its chalets and hotel business amounting to $618,000 (P27.3 million).
ABCI informed the stock exchange that related to its October 2014 announcement, it has executed on the sale of its 50 million shares representing 100 per cent equity in Brown Resources Corp (BRC) at P.474 per share totaling to $618,000 to Angelus Agri Corp, the entity designated by ABCI chairman Walter Brown.
BRC is the company that operates the chalets and hotel business of ABCI.
&#8220;The sale of BRC shares will realign the business focus on the core businesses of the company and the proceeds of the sale will increase liquidity,&#8221; ABCI said in its statement.
The company said the amount of consideration was determined based on the fair market value of the real estate properties and the carrying value of the other assets minus the liability values.
In a separate disclosure, ABCI said that BRC opted to purchase for $181,000 (P8 million) in cash the parcels of land where the chalets are erected instead of leasing it. The transaction involved several parcels of land within Xavier Estate in Cagayan de Oro City. Principle followed in determining the amount of consideration 45 per cent premium over book value.
ABCI was originally incorporated in 1966 as Bendana, Brown, Pizarro &amp; Associates Inc that later renamed in 1992 as EHC. It became a merged company between Brown Chemical Corporation, Brown Chemical Sales Corporation and EHC, with EHC as the surviving entity that later changed its name to ABCI in 1993.
Besides real estate, ABCI through its subsidiaries, is also into oil palm nursery and seedlings distribution, palm oil milling, operation of hotels, real estate brokerage, power generation, and investment in gold mining assets.
ABCI&#8217;s current subsidiaries include A Brown Energy and Resources Development Inc, Brown Resources Corp, Palm Thermal Consolidated Holdings Corp,and Hydro Link Projects Corp, while affiliates include Masinloc Consolidated Power Inc, Peakpower Energy Inc,Monte Oro Resources &amp; Energy Inc,and Phigold Ltd.
<a href="http://www.freedigitalphotos.net/images/Property_g196-House_And_Dollar_Bills_p53857.html">Image:Freedigitalphotos.net</a>

PH firm ABCI sells its chalet, hotel business to Angelus Agri

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PH firm ABCI sells its chalet, hotel business to Angelus Agri

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