advertisement
Filtered By: Money
Money

Listed Minerales Industries seals IPM Group's entry


Listed Minerales Industrias Corporation (MIC) got its shareholders' approval for the entry of the IPM Group, signaling the dormant firm’s conversion into a holding company with particular focus on waste management.   In a disclosure to the Philippine Stock Exchange Monday, MIC said that during meeting last Friday it secured shareholders approval to allow the subscription of the IPM Group, its subsidiaries and affiliates to P500 million worth of shares of the company.   The shares will be taken out of the increase in MIC's authorized capital.   Minerales' shareholders also approved the new management’s plan to invest P470 million out of the P500 million fresh capital, to acquire 75 percent of Best Environmental Systems and Technologies (BEST) for P475 million.   The acquisition of BEST, the country’s largest integrated waste solutions provider, will enable MIC to shift its focus from mining metals to municipal solid waste being collected, processed and recycled into renewable source of energy such as refuse derived fuel.   Owned by businesswoman Isabelita Paredes Mercado, the IPM Group has been a major player in the construction business for over 16 years. It started as a building contractor prior to expanding into environment management, equipment trading, information technology, and real estate development. IPM, the operator of the Payatas landfill in Quezon City, effectively gained automatic listing on the stock exchange via the acquisition of MIC. Its entry allows it to tap into a wide pool of potential investors to provide itself with capital for future growth or working capital. — SOA/BM, GMA News
LOADING CONTENT