Romero group prepares to venture abroad

The group of businessman Reghis Romero II plans to consolidate its port assets under newly acquired listed firm MIC Holdings Inc., as it prepares to acquire more facilities here and abroad.

Romero’s son Michael said that the company plans to raise as much as P3 billion in fresh capital to bankroll the development of its current projects and acquire new ports.

“Now, it’s important for us to increase the capitalization of MIC Holdings so we can position ourselves for the acquisition of new projects,” said the younger Romero, who was named the company’s chairman last week.

“We’re looking at raising about P2 billion to P3 billion through a follow-on offering,” Michael said.

The money raised will be part of the $100 million that the company plans to spend for the acquisition of new port projects in the country.

Michael said the company was looking at bidding for the rights to operate between four and six new ports in the country, particularly in the Visayas and Mindanao.

Another $100 million will likely be earmarked for the development of foreign ports.

Michael said the company would also bid for port operations contracts in Guam and Vietnam, among others.

The Romero group, through unit Sultan 900 Inc., earlier acquired MIC Holdings, a dormant public company owned by businessman Antonio “Tonyboy” Cojuangco Jr., for P175 million.

The younger Romero said MIC Holdings would be used as a vehicle for the “backdoor” listing of its port assets, namely, Harbour Center Port Terminal Inc. (HCPTI) and its unit, Manila North Harbour Port Inc. (MNHPI).