Omico, Sta. Lucia Realty revoke deal on property development
OMICO Corp. has rescinded its memorandum of agreement (MoA) with Sta. Lucia Realty and Development, Inc. (SLRDI) on a planned property development.
Both companies want to focus on other real estate projects, Omico said in a disclosure on Thursday.
“Upon mutual agreement, Omico and SLRDI decided to rescind the originally executed MoA,” it said.
“The rescission of the MoA shall take effect and to be enforced when duly executed. The decision made by both parties is to focus on their skills and resources on their respective real estate projects,” it added.
In 2005, they signed an agreement for the development of Omico’s properties into a residential or commercial subdivision.
The properties have a total area of more or less 23.25 hectares in Pinmaludpod, Pangasinan.
“With regards to Omico, it will be an opportune time to enhance Omico’s capability to develop its real properties on its own, increase its revenues and maximize investor return,” the company added.
The company said that it will instead source funds from its cash reserves and internally generated funds from the sale of housing units in Sta. Rosa, Nueva Ecija, for the planned property development.
Omico shares ended higher by 3.03% or P0.01 to close at P0.34 at the stock market on Thursday. — Luisa Maria Jacinta C. Jocson
