SMC forms P10B company for MRT-7 project
Diversified conglomerate San Miguel Corp.(SMC) of Bilyonaryo Ramon S. Ang has formed a P10 billion company that will hold its controlling interest in the P63 billion Mass Railway Transit Line 7 project.
Based on the incorporation papers filed with the Securities and Exchange Commission San Miguel through its wholly owned infrastructure unit San Miguel Holdings Corp. (SMHC), formed SMC Mass Rail Transit 7 Inc.
SMC Mass Rail has an authorized capital stock of P10 billion divided into 10 billion shares with a par value of P1 per share.
Out of the P10 billion, at least 25 percent or P2.5 billion has been subscribed by SMHC and at least 25 percent of the total subscription worth P625 million has been paid in cash.
The primary purpose of the the newly firmed unit is “to engage in and carry on a development and contracting business involving railways and railroads; intermodal transport terminals; tollways, its facilities, interchanges, roads, highways, bridges, tunnels, waterworks, water utilities and systems; infrastructure works and other related public works; and all iron steel work, mechanical and electrical, and earth construction and excavation and related works, including operation and maintenance thereof; and the acquisition, lease, occupation, use of development of real property, and such other activities incidental to the foregoing.
In February, San Miguel said it is now ready to start the construction of a MRT Line 7 after completing the funding package of the project, seven years after the original proposal was presented.