Globalport hikes capital to P3B

Manila, Philippines -  Stockholders of publicly-listed Globalport 900 Inc. have approved an increase in the company’s authorized capital from P2.1 billion to P3 billion.

Globalport chairman Michael Romero told The STAR that the capital hike will pave the way for the entry of new investors in the company by way of private placements and an initial public offering (IPO) next year.

Romero said they plan to raise between $150 million to $250 million from these new investments.

Last April, Globalport acquired the port businesses owned by Romero, including Harbour Centre Port Holdings which owns Harbour Centre Port Terminals Inc. (HCPTI) which in turn owns 65 percent of Manila North Harbor Ports Inc. (MNHPI). Globalport also acquired Platinum Dredging.

Romero said Globalport plans to own around seven domestic ports, which includes North Harbor and Harbour Centre. The company is currently in talks for the acquisition of a Zamboanga-based port.

He also revealed that there are plans to acquire and/or operate foreign-based ports.

During the company’s board meeting, Ramon Atayde, formerly of Asian Terminals Inc. (ATI), was elected president of Globalport.

The stockholders earlier approved an increase in the number of board directors, from seven to nine, and a change in the par value of the shares.

Mic Holdings, Globalport, formerly was acquired by Romero’s private investment company Sultan 900 Capital Inc. from the group of businessman Antonio “Tonyboy” Cojuangco for P175 million.

Romero said Globalport plans to acquire new companies, which include those that are into ports, information technology, dredging and logistics.

Romero, president of HCPTI and chairman of Manila North Harbour Ports Terminal Inc. (MNHPI), earlier said 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 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.