MUSX doubles capital to P1B

MANILA, Philippines - MUSX Corp., which was recently taken over by a group led by AgriNurture’s Antonio Tiu, is doubling its authorized capital to P1 billion as it sets the stage for bigger ventures, which include renewable energy.

In a disclosure to the Philippine Stock Exchange, MUSX said its board approved the filing of the company’s application for amendment of its articles of incorporation before the Securities and Exchange Commission to reflect the change of name to Greenergy Holdings Inc. and increase in capitalization.

The proposal to convert MUSX debt to equity in the amount of P14.26 million or equivalent to 142.6 million MUSX shares at par value of ten centavos (P0.10) per share, to be taken from the proposed increase in authorized capital stock, was approved by the board in November 2010.

Tiu said MUSX, once a semiconductor manufacturing holding firm, is looking into the field of renewable energy as one of the new business opportunities for the company.

The company’s board likewise authorized Tiu to enter into negotiations with third parties for possible mergers, acquisitions and the creation of subsidiaries.

Tiu is scouring for investors to support his bid to go into biomass, solar and windmill energy.

MUSX exited the semiconductor manufacturing business last year due to exorbitant cost of staying in the business.