The Company's Corporate or Business Profile
Metro Global Holdings Corporation was incorporated as San Jose Oil Company, Inc. on September 17, 1954. It was listed on the Philippine Stock Exchange (PSE) on May 4, 1964 as an oil exploration company, was reorganized in 1996 into a corporate vehicle that will pursue infrastructure-related investments, and was renamed Fil-Estate Corporation (the Company) on the same year. On September 9, 2004, the Philippine Securities and Exchange Commission (SEC) approved the extension of the Company’s corporate life for another 50 years.
The Company is 86.54% owned by Fil-Estate Management, Inc. (FEMI), the Parent Company. The principal activity of the Company is the holding of 4,278,511 shares or 18.6% interest in Metro Rail Transit Holdings, Inc. (MRTHI) and 24,034,840 shares or 12.6% interest in Metro Rail Transit Holdings II, Inc. (MRTH II). MRTHI has 84.9% interest in MRTH II which wholly owns Metro Rail Transit Corporation (MRTC). MRTHI, MRTH II, MRTC, and Monumento Rail Transit Corporation (Monumento Rail) are collectively referred to as the Metro Rail Transit (MRT) Companies. The earnings of the MRT Companies are derived from lease financing income relating to equity rentals received from the Department of Transportation and Communication (DOTC) as defined in the Build, Lease and Transfer (BLT) Agreement. Notwithstanding the sale of future share distributions, the Company continues to hold on to the legal rights over the shares of stock in MRTHI and MRTH II. As at May 6, 2014, the Company, together with certain MRTHI shareholders, other than Astoria Investment Ventures, Inc. and Emerging Allied Infrastructure Ventures, Inc., still owns 76.6% of MRTHI.
Change in Corporate Name
On March 18, 2014, the BOD approved the amendment of the Articles of Incorporation and by laws of the Company, changing its corporate name to Metro Global Holdings Corporation. The amendments are in line with the Company's plans to re-align two other existing companies namely, Metro Countrywide Corporation and Metro Countrywide Holdings, Inc. under the umbrella of Metro Global Holdings Corporation and to identify the group with the common name "Metro". The Company is likewise a substantial shareholder of Metro Rail Transit Holdings, Inc. and Metro Rail Transit Holdings II, Inc.