Primetown Property Group, Inc.
PSE Circular for Brokers No. 262-99 • Philippine Stock Exchange • Circulars for Brokers • Feb 12, 1999
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February 12, 1999 PSE CIRCULAR FOR BROKERS NO. 262-99 SUBJECT : Primetown Property Group, Inc. In reply to the Exchange's query regarding the dacion en pago entered into by Primetown Property Group, Inc. ("PMT") during the second quarter of 1998, attached are the summary of the assets/properties (Annexes I and II) disposed in retirement of PMT's P1.2 billion debt to United Coconut Planters Bank and Asianbank Corporation, and the unaudited Consolidated Balance Sheet of the company (Annex III) as of December 31, 1998. For your information. cdpr (SGD.) JOSE LUIS U. YULO, JR. President and CEO PRIMETOWN PROPERTY GROUP INC. Summary of Units Dacion with UCPB UNSOLD UNITS Makati Prime City (Phase 1) 23 54,600,000.00 Makati Prime City (Phase 2) 394 503,250,000.00 Kiener Hills 60 58,100,000.00 615,950,000.00 RECEIVABLES Makati Prime City (Phase 1) 540 113,400,000.00 Makati Prime City (Phase 2) 409 472,000,000.00 Kiener Hills 116 162,600,000.00 748,000,000.00 TOTAL 1,363,950,000.00 Cost to Complete (351,000,000.00) 1,012,950,000.00 OTHER ASSETS (Aspen & Boracay Properties) 147,000,000.00 TOTAL VALUE 1,159,950,000.00 PRIMETOWN PROPERTY GROUP INC. Asian Bank DESCRIPTION VALUATION Property Commercial lot in Cebu City 2,475 sqm 54,050,578.28 Comm'l lot in General Santos City 2,590 sqm 31,674,730.80 Residential Lot in Gen. Santos City 125,268 sqm 3,282,815.92 Shares 25 M. shares of stock of Primetown Property Group Inc. registered in the name of Kenneth & Gilbert & Jesse Yap 37,500,000.00 Grand Total 126,508,125.00 PRIMETOWN PROPERTY GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31,1998 ASSETS Cash and Cash Equivalents P1,253,858 Receivable-net 2,048,549,029 Real Estate Projects 3,241,813,002 Investments 235,701,540 Property and Equipment-net 16,438,860 Other Assets-net P974,212,281 P6,517,968,570 LIABILITIES AND STOCKHOLDERS EQUITY Bank Loans P1,167,236,135 Accounts Payable and Accrued Expenses 921,255,726 Customers' Deposits 2,635,869 Long-term Debt 864,000,000 Deferred Tax Liabilities 439,251,620 Estimated Liability for Real Estate Project Development 1,182,250,424 Stockholders' Equity 1,941,338,796 P6,517,968,570
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