Politics

Bright Kindle Resources to swap P112-M real estate assets for shares in subsidiary

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LISTED firm Bright Kindle Resources & Investments, Inc. (BKR) signed a deed of assignment with its subsidiary for the property-for-share swap of its real estate assets which it said have a zonal value of P112.15 million.

In a disclosure to the Philippine Stock Exchange, BKR said that the property will be exchanged for 1.12 billion common shares, with a value of 10 centavos apiece, in its wholly owned subsidiary Brightstar Holdings and Development, Inc.

The transaction dates back to April 11, 2022 when the board of directors of BKR approved the plan of the swap in exchange for shares in the proposed subsidiary.

The real estate assets of the holding firm are composed of a condominium unit and four parking slots. Brightstar Holdings holds investments in the mining or extractive industries.

In the third quarter of 2022, BKR posted an 82% decrease in its net income to P30.57 million, which mostly came from the company’s share in the income of Marcventures Holdings, Inc.

BKR has a 19.9% equity interest in its associate, Marcventures, or a total of 600 million shares. Marcventures has investments in mining companies based in Surigao del Sur and Samar provinces.

In the third quarter of last year, BKR posted a 4.3% decline in its general and administrative expenses to P1.33 million from P1.39 million a year ago.

BKR, a subsidiary of RYM Business Management Corp., recorded a nine-month net income of P69.12 million, down by 47.6% from P131.9 million last year.

On April 11, 2022, BKR announced that it updated the name of its subsidiary from Bright Star Resources and Development Corp. and its purpose from engaging in the business of mining or extractive industries to the present.

On the stock exchange on Monday, shares in BKR climbed by a centavo or 0.71% to P1.42 apiece. — Justine Irish D. Tabile