CONGLOMERATE SAN Miguel Corp., which expects to become an infrastructure-driven enterprise by 2020, has incorporated a new subsidiary to hold its controlling interest in the planned P73-billion Metro Railway Transit Line (MRT-7) that will link Metro Manila to Bulacan.
The Securities and Exchange Commission (SEC) has approved the articles of incorporation of such new SMC subsidiary called “SMC Mass Rail Transit 7 Inc.,” based on a document from the SEC.
The document from the SEC showed that the primary purpose of the new entity would be “to engage in and carry on a development and contracting business involving railways and railroads; intermodal transport terminals; tollways, its facilities, interchanges, roads, highways, bridges, tunnels, waterworks, water utilities and systems; infrastructure works and other related public works; and all iron steel work, mechanical and electrical, and earth construction and excavation and related works, including operation and maintenance thereof; and the acquisition, lease, occupation, use of development of real property, and such other activities incidental to the foregoing.”