METRO GLOBAL Holdings Corp. is forming an infrastructure subsidiary to handle projects related to the sectors of transportation and communication.
In a disclosure to the stock exchange, Tuesday, the company said its board of directors had given the green light to the incorporation of a special purpose vehicle company, which will be called Metro Renewable Transport Solutions, Inc.
Metro Global said the main purpose of the new company is to engage in infrastructure development, among others.
“[Its] primary objective is to engage in infrastructure development or providing services in relation with and in connection thereto, including but not limited to the construction of whatever kind and nature and for whatever purpose, buildings, roads, bridges, railways, ports, highways and other passages and facilities for transportation and communication,” it said.
Metro Global said it would file an application with the Securities and Exchange Commission for the formation of the new infrastructure company.
The company’s businesses include equity interests in Metro Rail Transit Holdings, Inc. and Metro Rail Transit Holdings II, Inc.
Trading of Metro Global’s shares have been suspended since February 2007. — Revin Mikhael D. Ochave
