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- 2018-02-24 10:11:06
Metro Global Holdings Corporation (MGH), formerly Fil-Estate Corporation (FC), was originally incorporated on September 17, 1954 as San Jose Oil Company, with the primary purpose to prospect for and market oil, natural gas and other minerals, and secondarily invest in non-mining corporations or other enterprises. In 1996, the Company changed its primary purpose to become a holding company engaged in property and infrastructure development.
On May 30, 2014, the Securities and Exchange Commission approved the change in the corporate name of FC to the present one, and the Company subsequently moved to change its stock symbol to MGH. The change in corporate name is in line with the Company's plan to re-align two other existing companies, namely, Metro Countrywide Corporation and Metro Countrywide Holdings, Inc., under the umbrella of MGH and identify the group with the common name "Metro".
MGH's key investment is in the form of equity interest in Metro Rail Transit (MRT) Holdings, Inc. and Metro Rail Transit Holdings II, Inc. The combined investment in these holding companies represents approximately 29% interest in the EDSA Metro Rail Transit systems. The Phase I of the MRT project (LRTS Phase I) started full operation on July 15, 2000, and involved 13 stations from the North Triangle to Taft Avenue. The Company also has a 24.45% equity interest in Monumento Rail Transit Corporation.
On November 12, 2010, MGH, FEMI, and Fil-Estate Properties, Inc. (Fil-Estate Companies) entered into a cooperation agreement with Metro Pacific Investment Corporation (MPI) relating to the Fil-Estate Companies' rights and interest in the MRT Companies. Under the cooperation agreement, the Fil-Estate Companies shall appoint MPI as its attorney-in-fact in connection with the exercise of the rights and interests of the Fil-Estate Companies in the MRT Companies. The completion and consummation of the transaction contemplated by the parties is subject to certain conditions, which as of May 6, 2014, have not yet occurred.
Source: SEC Form 17-A (2013)/ Circ. Nos. 1270-2014/2286-2014/3012-2014/ 3013-2014/4747-2014/4985-2014