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Economy

House of Investments acquires property firm

House of Investments, Inc. (HI) has acquired San Lorenzo Ruiz Investment Holdings and Services, Inc. (SLRIHSI) for P1.95 billion.

In a disclosure to the stock exchange, the listed holding company of the Yuchengco Group said it has acquired 11 million shares or 100% of the outstanding common stock of SLRIHSI.

The property company owns a lot in Makati City.

House of Investments businesses include include construction (EEI Corp.), education (iPeople Inc.), renewable energy (Petroenergy Resources Corp.), property (Manila Memorial Park Cemetery, Inc. and RCBC Realty), pharmaceuticals (HI-EISAI Pharmaceutical Inc.) and automobile (Honda and Isuzu dealerships).

HI in May announced that it was closing four Honda and one Isuzu dealership in Metro Manila to “ensure overall greater efficiency.” These outlets represent almost half of its 11 dealerships.

Shares in HI went up 7.14% or 28 centavos to P4.20 each on Friday. — Jenina P. Ibañez

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