MIC renamed IPM Holdings, in talks with cement firms.
Minerales Industrias Corporation (MIC), a company originally incorporated as a diversified holding company, has obtained the approval of its shareholders to the change in its corporate name to IPM Holdings, Inc.
"The change in name was made to reflect the ownership structure," said IPM Group of Companies vice president Dwight Ramos during the firm's special stockholders' meeting. IPM is a household name for solid waste collection services in Manila.
In 2013, IPM - a major player in the construction industry and operator of the Payatas landfill - entered the stock market via backdoor listing, through MIC.
Thus, IPM Construction and Development Corporation, IPM Environmental Services, Inc. and IPM Realty and Development Corporation infused R350 million, R100 million and R50 million to MIC, respectively.
The Group now owns a controlling stake in Basic Environment Systems Technologies, Inc. (BEST), which is engaged in contracting and consulting business for waste management, public cleansing, sanitation and general hygiene to provide a growth stream of revenues and income.
Ramos said the company is focused on growing its business of solid waste management and establishing additional facilities for the processing and conversation of solid waste into alternative fuel for the cement and power generation facilities.
Furthermore, the company is also tapping specialized waste handling and disposal requirements of various industrial zones across the country to provide integrated waste solutions.
"IPM is known as the solid waste collector for Manila, Quezon City, Pasig, Pasay, Cagayan de Oro and quite recently, we won the bid for Food Terminal, Inc. Starting next year, we will service FTI," Ramos said.
FTI in Taguig is an agro-industrial complex and is one of the largest industrial complexes in Metro Manila. It is currently home to more than 300 companies.
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|Title Annotation:||Stock Market|
|Date:||Oct 22, 2015|
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