NDC earns P423M from Asean fertilizer joint venture

The National Development Corp. (NDC) has received a total of P423.2 million in cash dividends from its investments in a joint venture fertilizer project with other ASEAN governments.

In a report submitted to Trade and Industry Secretary Peter B. Favila, who is also the chairman of the NDC Board, NDC reported that it has received a total of P423.2 million in cash dividends from its investment in Asean Bintulu Fertilizer Sdn Bhd. of Malaysia.

Its latest cash dividend from ABF amounted to P21.2 million.

Asean Bintulu, which was established in 1978, is Malaysia’s participation in the ASEAN Industrial Projects (AIPs).

AIPs is a joint venture among the founding ASEAN governments intended to take advantage of the economies of scale provided by the ASEAN preferential market.

The AIPs promotes further complementation among the ASEAN economies.

NDC represented the Philippine government in the joint venture, taking a 9.53-percent share in the capitalization of Asean Bintulu Fertilizer Sdn Bhd.

ABF is one of the largest production plants for granular urea fertilizer in Asia and is co-owned by Petronas of Malaysia, the Republic of Indonesia, Ministry of Finance of Thailand, Temasek Holdings Pte., Ltd. of Singapore and by the Philippine government’s NDC.

ABF has sustained an impressive growth record since its inception.

NDC also got a P6-million dividend from its other investment in Manila Exposition Complex Inc. NDC owns 36.36 percent of MECI.

MECI, incorporated in 1996, owns and manages the World Trade Center Exhibition Complex located in Roxas Boulevard.

The Trade Center has been a venue for international and local exhibits and special events.

The Trade Center has helped promote Manila as a world class convention and exhibition center.