Metro Global eyes investments in renewable energy

MANILA, Philippines — Listed Metro Global Holdings Corp., formerly Fil-Estate Corp., is looking to invest in renewable energy projects as part of its expansion.

 In a disclosure to the Philippine Stock Exchange yesterday, Metro Global said its board of directors cleared the expansion of its primary purpose to include investment in renewable projects. These include solar, wind and other renewable energy generation facilities.

Metro Global’s board also approved the increase in capital stock from P2 billion to P5 billion ” to raise funds for strategic projects of the corporation and accommodate stock issuance in payment of debt to a major shareholder.”

The company was originally  incorporated as San Jose Oil Inc. in September 1954 to prospect for and market oil, natural gas and other minerals.

It changed its primary purpose in July 1996 from oil exploration to a holding company engaged in property and infrastructure development and after two years, changed its name to Fil-Estate Corp.

Its key investments include equity interest in Metro Rail Transit Holdings Inc. (MRTHI) and Metro Rail Transit Holdings II Inc. (MRTHII).

It also has a 28.47 percent equity in Monumento Rail Transit Corp. which allows it to participate in the train system extension and additional train procurement.

In December 2000, Fil-Estate Management Inc. (FEMI) subscribed 700 million shares in exchange for the assignment of its interests in MRTHII and Metro Rail Transit Corp. Ltd.

A decade after, Metro Global, FEMI and Fil-Estate Properties Inc. entered into a cooperation agreement with Metro Pacific Investment Corp. where the latter will be appointed as its attorney-in-fact in connection with the exercise of the rights and interests in the MRT companies.