BUSINESS MIRROR
Published on Sunday, 18 November 2012 18:23 Written by Miguel R. Camus / Reporter
TWO more listed companies are likely to undergo major asset restructuring in the coming months as owners move to take advantage of the recent surge of investor interest in the Philippines.
Greenergy Holdings Inc., which is building a portfolio of renewable energy sources, is set to become the holding company for owner Antonio Tiu’s other businesses, while dormant Vulcan Industrial Mining Corp. is being eyed as a potential backdoor listing vehicle of the National Book Store Group, a top official said on Friday. Both Vulcan and National Book Store are owned by the family of businessman Alfredo Ramos.
Greenergy said in a disclosure on Friday that its board approved the investment or acquisition of Tiu’s business assets in agriculture, banking and finance, real-estate development and construction, renewable energy, technology and retail.
The company will also increase its authorized capital to a maximum of P10 billion and is considering a change in corporate name to reflect the change in its business direction.
Tiu, who sits as Greenergy president and chief executive officer, said in a phone interview on Friday that the company is hoping to have a better picture of what assets will go into the firm before its annual stockholders’ meeting on December 11.
He said assets being considered will include listed AgriNurture Inc., one of the country’s largest supplier of fruits and vegetables and Agricultural Bank of the Philippines Inc., a rural bank with one branch currently but has plans to expand to 17 locations within a year.
Tiu said he also owns various real-estate assets focused on eco-tourism and, to a smaller extent, software-related businesses.
He declined to give details on the exact structure of the deal, but said one option is a possible “backdoor listing” of Tiu’s privately held holding firm Earthright Holdings Inc., which owns minority stakes in Greenergy, AgriNurture and Agricultural Bank of the Philippines.
“[Greenergy] is going to be a holding company that basically covers all angles of agriculture and renewable energy. We will also have some interesting projects that may or may not be related to agriculture,” Tiu said.
The Ramos family is also looking at a potential backdoor listing of the National Bookstore Group with a final decision to emerge in the next six to 12 months, Vulcan Director and Treasurer Adrian Ramos said on Friday.
Ramos said this is the right time to be thinking about plans given the interest in a “pure retail” market play like Puregold Price Club Inc., the Philippines’s second-largest supermarket chain, which went public in September last year.
He said there are about 140 National Book Store branches nationwide. The group also owns the Powerbooks chain, Crossings Department Store and Anvil Publishing.
“There is a clamor for consumer driven companies,” Ramos said. Apart from the book sales, which are being threatened in more developed nations as people shift to digital formats, Ramos said National Book Store is also a leading supplier of school and office supplies.
“I honestly believe [this industry will continue to grow] as incomes grow in the Philippines and as educational requirements improve,” Ramos said.
Vulcan shares are up 57 percent to P1.46 each since October 17, or before it announced the potential asset restructuring plan. Greenergy gained another 8.7 percent to P0.025 on Friday after disclosing it plans to become a new holding company. source
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