Fort Bonifacio Development is in the hunt for financing to help it complete six billion pesos (about HK$1.2 billion) of basic infrastructure at its Metro Manila redevelopment project, as the firm works out its problem receivables.
The developer's treasury vice-president Jose Lim said the company, which is indirectly controlled by local conglomerate First Pacific through subsidiary Metro Pacific - was talking to financiers about a long-term financing agreement which would help it complete its infrastructure development at the site.
He said the company was in the midst of completing the first of a two-tranche bridge loan worth 500 million pesos per tranche.
'We faced a very good response.
'The first tranche has been completely placed now to local investors,' Mr Lim said.
The search for financing is crucial as Fort Bonifacio Development will not receive any substantial revenues until it holds its next massive land sale programme in 2003 or 2004. It is depending on receivables from its 1996 land sale programme to pay for the infrastructure.
