Mic Holdings okays corporate changes

MANILA, Philippines - Stockholders of Romero-led Mic Holdings Corp. have approved a number of major amendments to the company’s articles of incorporation, paving the way for the new owners to pump in fresh equity into the rapidly expanding firm.

The shareholders gave their go-signal to the increase in Mic’s authorized capital stock from P100 million to P2.6 billion to be implemented in two phases: initially at P2.1 billion and then to P2.6 billion within a period of six months from approval by the Securities and Exchange Commission or sooner as the board of directors may determine; as well as the change in the par value from P100  to P1 per share.

Mic chairman and president Michael Romero told The STAR that the increase in authorized capital will allow his group, Sultan 900 capital Inc., to infuse additional funds into the company.

During yesterday’s special meeting, the stockholders also authorized the change in the corporate name from Mic Holdings to Globalport Terminals Inc.; the amendment in the company’s secondary purpose to include owning, investing, managing, operating, maintaining, and developing port facilities, including other maritime activities supportive of port operations and shipping; and increase in the number of directors from seven to nine.

The stockholders also approved the subscription by Sultan 900 to P500 million of the increased capital stock with an option to subscribe to 1.5 million more shares within a period of six months from full payment of P500 million or sooner as the board may determine, and waiver of the requirement to conduct a rights or public offering for the subscription.

They likewise acceded to the subscription by Sultan 900 of the 457,878 unissued capital stock of the corporation and the waiver of the conduct a rights or public offering for the subscription.

Earlier, Romero told The STAR that Mic Holdings will be asking the Philippine Stock Exchange (PSE) for the postponement of its compliance with the minimum 10 percent public float requirement until the third or fourth quarter of next year.

Romero also said they expect to completely turn around the company’s performance very soon. “Once the additional capitalization of about P2.5 billion has been pumped in, Mic could expand more aggressively and income-generating activities would augment the company’s expansion,” he said.

The company is looking at acquiring at least seven domestic ports and acquiring and/or operating a number of foreign ports. Mic is participating in biddings to operate international ports such as those in Guam, Vietnam, Russia, Sri Lanka and Indonesia.

Mic also plans to acquire new companies, which include those that are into ports, information technology, dredging and logistics.

The company will likewise soon undergo a corporate restructuring, which may include acquiring existing port-related businesses of the Harbour group Centre, Romero revealed.

Mic plans to raise at least $200 million next year to acquire and operate both domestic and foreign-based seaports.

Mic was acquired by Romero’s private investment company Sultan 900 from the group of businessman Antonio “Tonyboy” Cojuangco recently for P175 million. Plans are to consolidate Romero’s existing port operations which include Harbour Centre and Manila North Harbor into Mic.

Romero, president of Harbour Centre Ports Terminal Inc. (HCPTI) and chairman of Manila North Harbour Ports Terminal Inc. (MNHPI), said that they are being “swarmed” with offers from foreign investors as well as port operators who want to invest or enter into joint venture agreements with his group. “At the same time, we are also offering to enter into partnerships or acquire both domestic and foreign ports,” he disclosed.

HCPTI owns 65 percent of MNHPI, a joint venture with Petron Corp., and holds the 25-year contract to develop, manage, and operate the Manila North Harbor.

Romero’s group also owns Harbour Centre, a 15-hectare multi-purpose private commercial terminal located within the 79-hectare port-city complex called Manila Harbour Centre.