Pryce Corporation (“PC” or the “Company”), formerly Pryce Properties Corporation, is a property holding and real estate development company incorporated on September 7, 1989. Its business operations are concentrated in Mindanao, which mainly involve the development and operation of memorial parks. It has developed upscale residential subdivisions and commercial properties. It is also involved in the operation of its hotel in Cagayan de Oro City, the Pryce Plaza hotel.
Pryce Gases, Inc. (“PGI”), a PC subsidiary , is engaged in the manufacture of industrial and medical gases and importation of liquefied petroleum gas (LPG), both products distributed under the trade name “PRYCEGAS”. This company essentially operates in Mindanao and Visayas areas, but is steadily gaining foothold in Luzon after it began construction of its marine-fed terminal in San Fabian, Pangasinan in 2013. PGI’s LPG storage capacity, as of 2014, has increased to 16,650 MT from the previous year’s 14,150 MT after the completion of another 2,100-MT (gross) marine-fed storage tank in its terminal in San Fabian, Pangasinan. In the Vis-Min area, PGI has the biggest LPG storage capacity compared to any of its competitors. The larger capacity terminals and refilling plants at various locations across the country allow PGI to cover a wide range of the market within those regions. In Luzon, PGI has the second largest total storage capacity of 6,300 MT. On product distribution capability, PGI and its subsidiary, Oro Oxygen Corp., currently has twenty-two (22) refilling plants that are strategically located in many parts of Luzon. Oro Oxygen Corporation ─ a majority-owned subsidiary of PGI ─ operates in Luzon and NCR. It sells/distributes PGI’s LPG product (PryceGas); it also sells industrial gases that is sourced independently of PGI.
In July 2015, PC acquired 75% shares in Pryce Pharmaceuticals, Inc. (PPhI), making it another subsidiary of the Company. PPhI is a wholesaler and distributor of private branded multi-vitamins and some ‘over-the-counter’ generic drugs. It was organized to primarily take advantage of the ‘Generic Medicines Law’. PPhI is a relatively new player in the pharmaceutical business as it was organized in September 2005. PPhI, being a relatively new player in the industry and having a modest capitalization, is not expected in the near term to provide significant contribution to the Company’s business. It is, however, expected to gradually grow in the long term as the generic drugs business is a substantial industry that continues to expand.