HI unit, drug firm eye pharmaceutical zone project

YUCHENGCO-LED holding company House of Investments, Inc. (HI) said its subsidiary Tarlac Terra Ventures, Inc. (TTVI) has entered into a memorandum of cooperation (MoC) with Philippine Pharma Procurement, Inc. (PPPI) to explore opportunities related to the development of a pharmaceutical economic zone and other initiatives in the local pharmaceutical sector.

In a regulatory filing on Tuesday, HI said the agreement outlines the parties’ intention to explore potential business opportunities and areas of collaboration.

Under the memorandum, PPPI may participate in businesses operated by HI or its affiliates, subject to further discussions and evaluation by both parties.

HI said the cooperation may cover sectors where it currently operates, as well as other opportunities in the Philippines that may be jointly identified by the parties.

“The MoC is non-binding, except for confidentiality provisions, and any future project will be subject to separate agreements and the necessary approvals of the parties,” HI said.

House of Investments has interests in financial services, education, property, automotive, energy, healthcare, deathcare, and construction.

HI holds a majority stake in MICO Equities, Inc., which has interests in insurance, securities, trust, and education-related businesses.

The company also wholly owns Landev Corp., Tarlac Terra Ventures, Inc., ATYC, Inc., and San Lorenzo Ruiz Investment Holdings and Services, Inc., and operates automotive retail businesses through HI Cars, Inc. — Alexandria Grace C. Magno