According to a recent press report, talks on San Miguel Corp. chairman and chief executive officer Eduardo “Danding” Cojuangco, Jr.“s alleged investment in the Pso 26-billion Amari reclamation projec…
According to a recent press report, talks on San Miguel Corp. chairman and chief executive officer Eduardo “Danding” Cojuangco, Jr.“s alleged investment in the Pso 26-billion Amari reclamation project refuse to die down. Owner and project developer Centennial City, Inc. (CCI) said it has elected a top official of the food and beverage conglomerate as chairman of the board. At the same time, CCI said it will increase its authorized capital stock to Pso 10 billion from Pso 8 billion to pave the way for the entry of “a consortium of investors” as well as accommodate debt-to-equity arrangement the company entered into with creditors. In a disclosure, CCI corporate secretary Peter Suchangco said SMC chief financial officer Ramon Ang has been elected as chairman of CCI, replacing Premchai Karnasuta of hotel developer Ital-Thai of Thailand. Suchangco said the board also approved the implementation of a debt-to-equity conversion plan. This involves the conversion into common shares of its Pso 300 million loan from Bangkok Bank; the conversion of Pso 556 million worth of advances made by certain shareholders; as well as the conversion into common shares of Pso 118-million worth of advances from a consortium of investors. Likewise, the board approved a debt-asset swap with the Philippine National Bank for 10 floors in BA Lepanto Building for a portion of the company“s Pso 795-million loan with the bank. The stocks of CCI – formerly Amari Coastal Bay Resources Corp. – have surged dramatically on talks of Cojuangco“s entry in the company. However, it could not be confirmed whether the investment is being conducted in his personal capacity or on behalf of SMC. CCI stakeholders include majority stakeholder Guoco Group, and hotel developer Ital-Thai of Thailand owns 10% of the project. The Thai group is reportedly planning to back out of the project given the delays as well as failure to raise sufficient funds. The Pso 26-billion Centennial City reclamation project is an integral component of the government“s integrated framework to reclaim 1,167 hectares along Manila“s coastline. The Public Estates Authority inked an agreement with Amari in 1995 for the development of 421 hectares of net sellable land.