Global Port 900 Inc. through holding firm Sultan 900 Capital Inc. will invest P9 billion to build a large port facility and related developments in Mandaue in Cebu City.
“After this [Manila North Harbour passenger terminal] I want to concentrate in Cebu, Mandaue. I want to build a big port facility there also inside the global city na binubuo dun [being built there],” said Michael Romero, chairman of Global Port.
The global city would include a port complex, mixed-use residential and commercial center, as well as a casino and entertainment complex.
“It will be the main port in Cebu [City],” Romero added.
The company said that the Mandaue reclamation project was just awarded two weeks ago.
Sultan 900 Capital, the investment company owned by Romero, has acquired a 95.2-percent stake in MIC Holdings Corp. for P175 million or about P339 per share.
The Romero group plans to use MIC as a vehicle to have its port development assets listed to attract new investors. The company also plans to expand its investments in other port related businesses, with the aim of developing capabilities to manage and/or operate or provide services to ports.
The seaport in Cebu City is the busiest in the country when it comes to number of passengers handled annually.