Major cement makers, Chinese firms express interest in ATN Holdings
ATN Holdings Inc. plans to raise P500 million, either through debt or equity, to fund its expansion initiatives which are aimed at taking advantage of the government’s ambitious infrastructure program.
Major cement firms and Chinese companies have expressed their interest to invest in ATN given the large high quality rock deposit in its site in Rodriguez, Rizal, the listed company said in a disclosure to the stock exchange.
ATN said the additional capital would be used to build an expanded rock crusher capacity, purchase heavy equipment, and for working capital requirements in support of the Build, Build, Build program.
The company expects to generate revenues of at least P1 billion per year with its rock crusher,
“ATN supports the Build, Build, Build program of government of President Duterte, which is aimed at accelerating economic development and resolve the transport and logistics problems of the country,” the company said.
“In line with this Build, Build, Build momentum created by the budget approval of Congress, ATN is now positioning itself to encash the accreted value of its natural resources, particularly its large high-quality basalt rock deposit in Rodriguez, Rizal which is essential to infrastructure construction.
To establish business cooperation with China, ATN has stepped up the preparation of its 256-hectare property in Montalban, Rizal which is estimated by geologists to contain large deposits of basalt and andesite rocks, up to 200 meter elevation with a market price of P500 per ton.