Fil-Hispano set to join call center business

The Securities and Exchange Commission (SEC) has approved the increase in Fil-Hispano Holding Corp.’s authorized capital stock to P600 million from P60 million, paving the way for its entry into the call center business.

The capital increase will set the stage for the entry of Hongkong-based All Asia Customer Service Holdings Ltd. into Fil-Hispano in exchange for the acquisition of ACSH’s local call center business, All Asia Customer Service Inc. (ACSI).

ACSH will initially subscribe to 135 million of Fil-Hispano’s common shares out of the increase in capital stock and pay the amount of P135 million. It will then subscribe to an additional 414.17 million shares in exchange for shares in Advanced Contact Solutions Inc., which will be the new corporate vehicle for the call center assets and operations of ACSI.

Prior to the subscription of shares, Fil-Hispano will also set up a new subsidiary, Fil-Hispano Corp., to hold, sell or assign its remaining real estate properties in Calauan, Laguna. Fil-Hispano declared a 35-centavo per share cash dividend and a property dividend consisting of one share for every Fil-Hispano share held by stockholders of record as of Jan. 15, 2004, both payable after the Calauan properties are transferred to Fil-Hispano.

As a holding company, Fil-Hispano was principally engaged in the manufacture and sales of ceramic wall and floor tiles. In 1999, however, the company decided to shut down permanently its ceramic tile manufacturing facilities due to unprofitable operations.

Since then, the company has developed a business plan to raise funds to retire its existing loans, to fund costs related to its reorganization and to invest in companies engaged in Internet, high-technology, media, communication, leisure and entertainment business ventures.– Zinnia dela Peña