ATN HOLDINGS, Inc. has cleared a number of resolutions that will allow the company to ride on the government’s ambitious infrastructure program.
In a disclosure to the stock exchange on Tuesday, ATN Holdings said it authorized the registration of a 2.56 million square meter property as an economic zone under its wholly owned subsidiary Palladian Land Development, Inc.
ATN Holdings said it has prospective international partners and investors that are keen on participating in the “Build, Build, Build” projects of the government and locating their export manufacturing businesses within its property upon government approval of its ecozone status.
The company did not identify the specific property, but it owns 254 hectares of land in Rodriguez, Rizal, located less than 10 kilometers from business districts in Metro Manila.
ATN Holdings also approved a P100-million diesel fuel supply deal with Phoenix Petroleum Philippines, Inc., a contract with Linetech, Inc. for the integration of the P50-million medium-voltage facility and an agreement with Scanpacific, Inc. for the installation of a P50-million low-voltage facility.
In October, the company gave the signal for a P500-million fund-raising exercise in the form of debt or quasi-equity for expanded rock crusher capacity, heavy equipment acquisitions, and working capital to take part in the government’s infrastructure drive.
ATN invests in real properties and stocks. The company’s investment in real properties includes several units of office condominium at Summit One Tower in Mandaluyong City.
Aside from Palladian Land, its other subsidiaries include ATN Philippines Solar Energy Group, Inc., engaged in implementing the energy business; Advanced Home Concept Development Corp., engaged in residential properties development; and Managed Care Phil., Inc. (MCPI), engaged in the health care services specifically in outpatient clinics.
ATN Holdings widened its losses to P4.17 million in the six months ending September 2017 from P2.07 million a year ago on lower health care revenues and interest income.
ATN Holdings shares added seven centavos or 11.48% to settle at 68 centavos apiece on Tuesday. — Krista Angela M. Montealegre