Mic Holdings to hike capital to P2.6B

MANILA, Philippines - Mic Holdings Corp., recently taken over by the son of businessman Reghis Romero II, is jacking up its capitalization to P2.6 billion from a mere P100 million.

The company’s board likewise approved the waiver of the requirement to conduct a rights or public offering of the shares to be subscribed by Sultan 900 Capital Inc., a private investment company owned by Romero.

The capital increase is seen to be in preparation for the company’s planned fund raising program for the acquisition of new ports, both local and foreign.

Formerly owned by the group of businessman Antonio “Tonyboy” Cojuangco, Mic Holdings is aiming to raise a minimum of $200 million in the second or third quarter next year to fund its expansion.

Romero intends to consolidate its existing port operations which include Harbour Center and Manila Harbour Center.

 Overseas, the group is looking to bid for ports in Guam, Vietnam, Russia, Sri Lanka and Indonesia.