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PACIFICA
Inc., a listed company controlled by businessman Reghis
Romero, is raising its authorized capital stock from
P200 million to P500 million to accommodate its venture
into mining exploration.
In an
interview, president Michael L. Romero said the increase
shall consists of an additional 60 billion shares on top
of the 40 billion shares for a total of 100 billion
shares at a par value of P0.005 apiece.
The hike
in capital stock, he said, is an initial step Pacifica
must take in order to sell additional shares to the
public this year.
“Our
plan is to acquire more mining sites with potential
nickel and iron ore reserves,” Romero said, adding that
Pacifica
is currently scouting for mining sites in Zambales and
Mindanao.
Established in 1957, the company secured the nod of
corporate regulators to change its primary purpose from
a mining firm to a holding company. However, it had not
commenced
operations since the change in its primary purpose.
Likewise, it did not undertake any major activity
from1998 to 2006.
Pacifica’s
continuing losses resulted in a deficit of P83.62
million and P80.06 million in 2006 and 2005,
respectively. These conditions indicated the existence
of material uncertainty which may cast significant doubt
on its ability to continue as a going concern.
So, in
the latter part of 2005, it entered into discussions
with Green Square Properties Inc. for the joint
development of Pacific Coast City, a 28,000-hectare lot
located on Aurora, Quezon, along the Pacific coast.
The
project is seen to consist of multiple cities within one
grand megacity where development includes a port city,
an agroindustrial/industrial city, a workers’ city, a
government city, a university town, a resort city, an
Olympic city and an ecumenical center. A network of
urban open spaces will serve as buffers protecting prime
resource lands from urban encroachment.
Considering the size and magnitude of the project, the
technical expertise and funding participation of a
relatively huge foreign infrastructure and funding group
is seriously being considered.
In the
first quarter of 2007,
Pacifica,
in collaboration with a funding group, made preparatory
activities such as feasibility studies and preparation
of detailed engineering plans for the said project. |
