Mic Holdings board okays change in purpose

MANILA, Philippines - The board of directors of Romero-led Mic Holdings has approved a change in the company’s primary business purpose from focusing on information technology activities to one that is seaport-related.

Mic will now be primarily engaged in “owning, managing, operating, maintaining, and developing port facilities, including other maritime activities supportive of port operations and shipping, and to establish and acquire subsidiaries or affiliates within or outside of the Philippines.”

The board also approved the implementation of an earlier plan approved by the shareholders to change the company’s name to Globalport Terminals Inc.

The Securities and Exchange Commission (SEC) earlier approved the company’s increase in authorized capital from P100 million to P2.1 billion, reduction in par value from P100 per share to P1 per share, and increase in the number of board of directors from seven to nine.

Plans are afoot for Romero’s investment company Sultan 900 Capital, which owns around 97 percent of Mic, to acquire Romero’s port businesses, which include Harbour Centre and a majority stake in the company that operates and manages Manila North Harbor.

Sultan last August acquired 95.22 percent of Mic from Ventcap, a company identified with businessman Antonio “Tonyboy” Cojuangco, for P175 million.

Earlier, Mic also announced that Sultan has fully paid its subscription to 457,878 unissued capital stocks of the former which subscription has been approved by Mic’s shareholders and board of directors.

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