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Primex hits 52-week high as Ang siblings mull sale of properties

The developer of San Juan’s tallest skyscraper, Primex Tower, is planning to sell its assets.

In an April 5 meeting, the board of Primex Corp. authorized its management tea, “to enter into any agreement with third party corporations or entities that will be beneficial or favourable for the Issuer and its subsidiary and affiliates, including but not limited to the sale or disposition of corporate assets like properties, equities and investments.”

Primex’s largest asset is the P3.6 billion Primex Tower which is under construction on a 1,944-square meter lot at the corner of EDSA, Connecticut Street, and Florida Street at the Greenhills commercial center.

Primex, which revealed the info in a belated disclosure, saw its shares surge to a 52-week high of P3.09. It ended the week at at P2.98, up by 42 percent from P2.10.

Primex is controlled by the Ang siblings – chairman and president Ernesto (23 percent), EVP Emilio (9.6 percent), treasurer Edgard (11.6 percent), VP Ericson (11.9 percent), Eduardo (12 percent), and Josie O. Chan.

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