Listed Metro Global Holdings Corp. is planning to fund renewable energy projects in order to expand its business.
Formerly known as Fil-Estate Corp, Metro Global in a disclosure said that its board of directors approved of the expansion to include investments in renewable energy projects, such as solar, wind, and other renewable energy facilities.
The company also approved the increase of its capital stock from P2 billion to P5 billion.
The said approval is for the company” to raise funds for strategic projects of the corporation and accommodate stock issuance in payment of debt to major shareholder.”
Out of the P 3 billion increase, 750 million will be subscribed by Fil-Estate Management Inc. (FEMI) while 500 million will be used to offset debt to FEMI.
Metro Global was originally incorporated as San Jose Oil Inc. in September 1954 to market oil, natural gas, and other minerals.
In July 1996, it changed its goals from oil exploration to a holding company focused on infrastructure development, and changed its name to Fil-Estate Corp. two years after.
One of their key investments is Metro Rail Transit Holdings Inc. (MRTHI) and Metro Rail Transit Holdings II Inc. (MRTHII), which has 29 percent interest in the MRT system.