Firm banking on ‘Build, Build, Build’ program
LISTED ATN Holdings Inc. is planning to raise P500 million in fresh funds for the acquisition of necessary infrastructure equipment to expand capacity amid the opportunities opened by the government’s “Build Build Build” program.
In a disclosure to the Philippine Stock Exchange on Tuesday, ATN said its Board of Directors at a special meeting held on Monday approved a plan to raise P500 million, either in debt or quasi-equity, “to establish an expanded rock crusher capacity, heavy equipment acquisitions, and working capital.”
In line with the “Build, Build, Build”momentum, “ATN is now positioning itself to en-cash the accreted value of its natural resources, particularly its large hi-quality basalt rock deposit in Rodriguez, Rizal, which is essential to infrastructure construction,” the company said.
It said the government’s infrastructure program has accelerated the preparatory activities of ATN’s cooperation with mainland Chinese investors and engineers.
“To date, ATN has accomplished multi-level cooperation with Chinese interests, culminating in two investment forums, and implemented the rock crusher project, expected to start commercial operations in early 2018,” it said.
ATN has also stepped up the preparation of its 256-hectare property in Montalban, Rizal. “Equipment and steel assemblies needed for crushing and processing plants from China are being installed to make available in 2018 rock aggregates that are the cornerstone materials in any major Mega Manila infrastructure projects,” it said.
ATN is a holding firm with investments in real estate, mining, and oil exploration. It was recently included in the holding firms index of the local stock exchange.