Seafront Resources Corp., a publicly listed investment holding firm under the Yuchengco Group, has sold its entire 11.33% stake in Hermosa Ecozone Development Corp. for P325 million.
Hermosa Ecozone develops mixed-use land projects in Bataan. Seafront sold its stake to other shareholders of Hermosa Ecozone, namely Science Park of the Philippines Inc., Regatta Holdings Inc., and Asset Growth Inc.
The deal, structured with P300 million in cash and P25 million payable from future dividends, was transacted at a premium over the stake’s net book value.
Seafront said the divestment will strengthen its cash position and may fund future investments, particularly in the energy sector.
The company added that it does not expect the sale to have any material adverse impact on its overall operations.
