Reports and Presentations
Semirara Changing Name to Reflect New Prominence of Power Business
SEMIRARA Mining Corp. will change its name to reflect its status as an integrated power company with its own fuel supply, according to a disclosure by the company, a unit of the Consunji group’s DMCI Holdings, Inc.
The new name, Semirara Mining and Power Corp., will register on the Philippine Stock Exchange’s trading system starting Friday.
Victor S. Limlingan, managing director of DMCI, said the change was intended "to stress the point that Semirara is transforming from a pure mining company into an integrated power company."
Semirara’s Chief Executive Officer Isidro A. Consunji, Jr. added: "The company derives more income from power than mining."
Semirara also raised its authorized capital stock to P3 billion divided into common shares with a par value of P1 each — tripling the original P1 billion.
"The additional authorized capital may be used to readily address the company's requirements for business and financial purposes as determined by the Board of Directors from time to time," the disclosure stated.
"This shall support future Board recommendations, which may include, but are not limited to, raising capital through the sale of common stock, acquiring other companies and businesses in exchange for shares of common stock, and other transactions and corporate purposes that the Board of Directors deems to be in the Company’s best interest," it added.
Semirara was incorporated in 1980 to explore, develop, and mine coal resources on Semirara island in Caluya, Antique. The company has since ventured into power generation business through its subsidiaries.
SEM-Calaca Power Corp., its operational power subsidiary, owns and operates a 600-megawatt (MW) coal-fired power plant in Calaca, Batangas.
The company is undertaking a 300-MW expansion of its coal plant through Southwest Luzon Power Generation Corp.
A further 350-MW expansion is also planned for the project to start this year.