ATN Holdings, Inc. has signed a deal with Metro Pacific Tollways Corp. (MPTC) for the supply of 250,000 cubic meters (cu.m.) of rock aggregates for five infrastructure projects.
In a disclosure to the stock exchange Wednesday, ATN Holdings said it has signed a memorandum of understanding with MPTC on Tuesday that would support the government’s “Build, Build, Build” program.
MPTC’s projects that require rock aggregates include the Harbour Link Project, Cavite Laguna Expressway, Light Rail Transit- Line 1 Cavite Extension, North Luzon Expressway (NLEx)-South Luzon Expressway Connector Road Project, and the NLEx expansion project.
ATN Holdings said it already has an existing 500,000 cu.m. of aggregate stockpile. It is banking on the government’s infrastructure program to boost demand for their products in the future.
The company earlier said it has P240 billion worth of high quality rock reserves in its 256-hectare property in Montalban.
It has also partnered with Alpha Rock Mining Corp. to double the volume of rock aggregates it produces. Under the deal, Alpha Rock should deliver 2.4 million tons of rock aggregates in the next five years. This could potentially generate P12 billion in revenues over the next five years.
The company noted that its Montalban property has the shortest distance to several infrastructure projects, boosting its advantage against other providers of rock aggregates.
ATN Holdings recognized a net loss of P2.604 million in the three months ending June, after a 34% drop in gross revenues to P6.837 million.
Incorporated in 1961, ATN Holdings was previously a mining and oil company before it changed its primary purpose to that of a holding company with interests in real estate, land development, energy, and health care services. The company’s market cap stood at P4.736 billion at the end of Wednesday’s trading.
Shares in ATN Holdings jumped 1.56% or two centavos to close at P1.30 each at the stock exchange on Wednesday. — Arra B. Francia