Anglo Philippine Holdings Corp., a listed investment holding company, said Monday its board has approved the extension of a P300 million credit line to National Book Store Inc. and its subsidiary, Abacus Book and Card Corp.
The listed company, which trades on the Philippine Stock Exchange under the symbol APO, and National Book Store, the country’s largest book store chain, share the Ramos family as its major shareholder.
The credit line will provide short-term funding for the operations of National Book Store and Abacus at an interest rate of 8 percent a year.
By providing the credit line, APHC seizes “an opportunity to manage group cash requirements by minimizing external debt risk as well as optimizing yields.” It noted the credit line is less than 10 percent of APO’s consolidated assets.
