Acoje changes name

Acoje Holdings Inc., a former oil exploration company which has shifted its primary business to that of a holding company, is changing its name to AJOnet. Holdings Inc. to reflect the company's foray into the lucrative but highly competitive information technology (IT) business.

Acoje Holdings official Roberto San Jose said that while the company will remain a holding company, the thrust of its investments will be consistent with its new business direction towards the IT sector.

Acoje's investment in the IT sector is expected to be funded from a call for the full payment on all unpaid subscriptions on the company's common shares.

Recently, Gem Communications Holdings Corp. (Gemcom) which has an interest in Acoje, sold and transferred 180,698,000 fully-paid AJO shares and assigned its unpaid subscriptions to 144,560,000 shares for P109.718 million and P108.420 million, respectively.

He said the company will concentrate on entities that are engaged or are planning to go into products/service offerings using the Internet as their major business platform.

"The targeted companies would include entities whose potential markets are regional, whose business concepts and plans are innovative and creative, and whose proponents are deeply committed, technology proficient and entrepreneurially motivated."

"Earlier, Acoje president Salvado Martinez said the Internet market in the local scene is still in its infant stage but is growing at a rapid rate.