Manila Times.net
THE Securities and Exchange Commission (SEC) has approved the incorporation of a power company controlled by the Gotianun family.
Documents from the SEC showed that the Filinvest group incorporated Strong Field Gas & Electric Corp., which will have an authorized capital stock of P16 million.
The primary purpose of the newly-formed company is “to invest in and/ or undertake or participate in the development, establishment, construction, building, operation, maintenance and/or transfer or in the rehabilitation, operation, lease and transfer of diesel gas turbine, coal and/or steam power plants, and other power generating plants of any type and any related facilities, including substations, high voltage lines and interconnection facilities and apparatus and port facilities together with facilities for the loading, unloading, preparation and storage of fuel, the extraction and transportation of fuel, the sale of the energy related thereby and use of waste and by-products thereof.”
About 25 percent of the authorized capital stock of the company has been subscribed, with Filinvest Development Corp.’s unit, FDC Utilities Inc., subscribing to 40,000 shares and the incorporators subscribing to a share each.
Incorporators were Filinvest group officials Andrew Gotianun Sr., Mercedes Gotianun, Andrew Gotianun Jr., Lourdes Josephine Yap, and Jesus Alcordo.
Last December, the holding firm said it was looking to add infrastructure and utilities to its business portfolio, which includes real estate, financial services, sugar farming and milling, and hospitality services.
FDC shares lost P0.01 to close at P4.41 last Friday.
KRISTA ANGELA M. MONTEALEGRE
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