A BROWN Co., Inc.’s board of directors approved an additional P35-million subscription in the authorized capital stock of its subsidiary, Irradiation Solutions, Inc. (ISI).
ISI is developing an electron beam (e-beam) and cold storage facility in Tanay. The company previously said it will be serving the medical and food industries.
“The additional subscription is in preparation of the issuance of Notice to Proceed to identified contractors and commence the construction stage,” the company said in a disclosure on Thursday.
ISI currently has a P25-million capitalization. A Brown owns 100% of the outstanding capital stock of the company.
The subsidiary already has the permits required to start constructing the Tanay e-beam and cold storage facility, which is expected to accommodate up as much as 20,000 tons in volume every year.
A Brown previously said 10 agricultural and medical companies have expressed interest in the facility.
“The development schedule of the project is on track to begin commercial operations by the 2nd half of 2023,” A Brown said.
A Brown shares on Thursday climbed 4.11% or three centavos to close at 76 centavos apiece. — Keren Concepcion G. Valmonte
