Philippine Tobacco Flue-Curing and Redrying Corporation is a leasing company. The Company’s primary business is to erect and otherwise acquire, maintain and operate flue-curing barns and redrying plants, factories, warehouses, agencies and depots for the storing, preparation and cure of leaf tobacco, and for its sale and distribution, and to transport or cause the same to be transported as an article of commerce, and to do any and all things incidental to the business of curing and trading in leaf tobacco. It did not buy or pack tobacco for its own account during the fiscal year ended August 31, 2008. The Company leases its property in Baesa, Quezon City, in favor of its 60%-owned subsidiary, Baesa Redevelopment Corporation (BRC). This property has five warehouses with a total leasable area of 65,307 square meters.
