Metro Alliance invests $30-M in UK trading firm

Publicly-listed Metro Alliance Holdings and Equities Corp. has invested $30 million in British trading firm Polymax Worldwide Ltd.

Located in the financial nerve center of London, Polymax executes bulk purchase and distribution of rubber and allied raw materials. It has a manufacturing base in Asia.

In a disclosure to the Philippine Stock Exchange, Metro Alliance said the company is in the process of acquiring a petrochemical plant.

Metro Alliance is a holding company with investments in subsidiaries and affiliates whose products range from services such as third-party logistics and pharmacy benefits management to chemical products.

It has a 34.6 percent stake in Mabuhay Vinyl Corp. and owns 60 percent of Asia Health Inc.

Metro Alliance (formerly Marsman & Co. Inc.) was established in 1929 as a management and trading company. It diversified into pharmaceutical and food products distribution in 1940 by acquiring the businesses of the Pacific Commercial Co. and the Insular Drug Co.

In 1995, Marsman acquired Metro Drug Distribution Inc. from Metro Pacific Corp. but in 2000, the company completely divested of its holdings in Metro Drug, Inc. (33.13 percent) and and JDH-Zuellig (Philippines) Inc. (20 percent).