MANILA, Philippines - Mineral Industrias Corp. has received the green light from its shareholders to change its corporate name to IPM Holdings Inc.
During the company’s special stockholders’ meeting Wednesday, IPM Group of Companies senior vice president Dwight Ramos said the change of name was made to reflect the new ownership structure.
It was in 2013 when IPM, a major player in the construction industry and operator of the Payatas landfill, gained automatic listing on the bourse via the acquisition of shell firm MIC.
The IPM group acquired 500 million new MIC shares at P1 each, taken out of the listed firm’s increase in authorized capital to 740 million shares from 240 million shares,
IPM aims to become the country’s leading solid waste management company as well as supplier of waste-converted fuel.
It is a household name for solid waste collection services in Manila.
The IPM Group comprises IPM Construction and Development Corp., IPM Environmental Services, Inc. and IPM Realty and Development Corp.
Ramos said the company is in talks with cement manufacturers and coal-fired power plant operators to supply refuse derived fuel or RDF. Among these companies are Aboitiz and Eagle Cement.
The group is focused on growing its business of solid waste management and establishing additional facilities for the processing and conversation of solid waste into alternative fuel for the cement and power generation facilities, Ramos said.
RDF can be used as an alternative to coal.
“Cement factories are allowed to replace 40 percent of their coal (requirements) with alternative fuel.