MacroAsia seen to complete mine exploration
[INQUIRER]MANILA, Philippines—Macroasia Corp. expects to complete exploration activities in its P740-million Infanta and Celestial nickel project in Palawan by early 2010.
In a project update presented to the Mines and Geosciences Bureau, MacroAsia vice president for planning and business development Amador T. Sendin said the company might spend about P180 million this year for pre-operation activities, including drilling.
The company had programmed to spend a total of P738 million for the exploration and operation phases of the project.
MetroPac heats up race for SCTEx
[INQUIRER]MANILA, Philippines—Metro Pacific Investments Corp. has approved the sale of new equity shares worth up to $300 million as part of a fresh fund-raising effort to acquire a stake in the government’s P27-billion Subic-Clark-Tarlac Expressway (SCTEx), the country’s longest expressway.
MPIC subsidiary Metro Pacific Tollways Corp. declared its interest in the SCTEx project through a disclosure to the Philippine Stock Exchange.
Food and beverage giant San Miguel Corp. earlier expressed its intention to acquire a stake in the same project.
Roxas ups capital stock to prepare for units’ merger
[BUSINESSMIRROR]THE parent firm of listed sugar conglomerate Roxas Holdings Inc., said it will increase its capital stock as part of the terms of the merger between Roxas & Co. Inc. with subsidiary CADP Group Corp., the surviving entity.
The surviving company will be named Roxas and Holding Company Inc (RHCI).
Documents from the Securities and Exchange Commission show that RHCI will hike its capital stock to P3,375,000 billion divided into same number of shares with a par value of P1 per share from P1.96 billion. The plan was approved by regulators on June 23. The Roxas group earlier said it is strengthening its sugar-milling and refining subsidiaries Central Azucarera Don Pedro Inc. and Central Azucarera de La Carlota Inc. to raise its competitive advantage against low-priced imported sugar entering the country by 2010.
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