MUSX to venture into RE with purchase of waste management firm

MANILA, Philippines -  Publicly-listed MUSX Corp. is taking a controlling stake in Total Waste Management Recovery System Inc. as part of the group’s plan to venture into renewable energy.

In a disclosure to the Philippine Stock Exchange, MUSX said its board approved a plan to forge an agreement to purchase 51 percent of TWMRS, a domestic corporation engaged in the business of building, operating and managing waste recovery facilities and waste management systems.

The deal also involves the infusion by MUSX of up to P25 million as advances to TWMRS as additional working capital.

“This undertaking aims to promote better, efficient, hygienic and economical collection, segregation, recycling, composting, filling, disposing, treating and managing of household, office, commercial and industrial garbage and waste products; and in the process thereof, the extraction of renewable energy from biomass and the production of organic fertilizer,” it said.

“With this agreement, MUSX has taken the initial step in directing its focus on business opportunities which promote the productive use of renewable energy sources and environment- friendly ventures,” MUSX added.

The company left the semiconductor production business last year to pursue lower capital intensive business opportunities including real estate, mining and energy.

MUSX said the proposed businesses are expected to translate into near -term profits and enhance the company’s share values.