Dormant firm Minerales Industrias Corp. is changing its corporate name to IPM Holdings Inc. in line with the corporate name of its majority stakeholders.
In a regulatory filing, Minerales Industrias said it will also adopt the ticker symbol IPM starting December 17.
“Please be advised that the change in corporate name and stock trading symbol of Minerales Industrias Corp. (MIC) to IPM Holdings Inc. (IPM) will be reflected on the exchange’s trading system effective on Thursday, December 17, 2015,” the disclosure read.
On November 25, the Securities and Exchange Commission (SEC) approved the change in corporate name the company’s board voted for it on October 21.
“[The name change will be done] in order that the public may more closely identify the corporation with its majority shareholders, the IPM group of companies,” Minerales Industrias said in a separate disclosure on November 27.
The IPM group of companies owns 68.-percent controlling stake in Minerales Industrias, with the rest held by its board of directors (1.61 percent) and the public (30.28 percent).
In the first nine months of 2015, the company saw a slight decline in net income to P52.52 million from P57.57 million a year earlier.
Despite having been registered as a mining company, Minerales Industrias does not operate as such and is dependent on revenue streams from solid waste processing subsidiary Basic Environmental Systems Technologies Inc. (BEST).
“In the next several years, the company intends to focus on growing BEST through the expansion of its municipal solid waste contracting business and establishment of additional facilities for the processing and conversion of solid waste into alternative fuel for the cement and power generation industries,” Minerales Industrias said in its quarterly report.
“BEST is also targeting to tap the specialized waste handling and disposal requirements of the various industrial zones located all over the country,” it added.