SMC unit MNHPI gets SEC approval for capital increase | mb.com.ph | Philippine News
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SMC unit MNHPI gets SEC approval for capital increase

Port terminal company Manila North Harbour Port, Inc. (MNHPI), which is already majority-owned by San Miguel Corp. (SMC), got the regulatory approval to proceed with its plan to increase its capital despite complaints from Harbour Centre Port Terminal, Inc. (HCPTI).

The Securities and Exchange Commission (SEC) recently came out with a decision junking the complaint filed by HPCTI against the other owners of MNHPI, which are Harbour Centre Port Holdings, Inc. and Petron Corp.

The complaint was seeking to nullify the increase in capital stock of MNHPI, which was also included in HCPTI’s pending case in the Manila Regional Trial Court Branch 46 wherein one of the latter’s stakeholders still claims ownership in MNHPI.

SEC ruled that its Company Registration and Monitoring Department did not violate any rules when it approved the increase in capital stock of MNHPI from P1 billion to P3 billion.

The board of directors and stockholders earlier approved an increase in MNHPI’s authorized capital stock from R1 billion to P3 billion, which the SEC cleared on February 18, 2015.

SEC said it dismissed HCPTI’s case because it failed to include MNHPI, the main subject of the case, in the complaint.

“The primordial issue involved is one and the same, i.e. whether or not the increase of the authorized capital stock is null and void, the ultimate objective of which is the revocation and/or recall of the same, including the suspension of its implementation and the effects thereof,” the SEC said.

“The basic tenet of due process tells us that North Harbour is a party which will stand to be benefitted or be injured by the judgment that may be rendered by the SEC,” it added.

MNHPI was used to be owned by HCPTI (45.5 percent), HCPHI (19.5 percent) and Petron Corp. (35 percent).