Vol. XXI, No. 215 [ Business World Online ]
Tuesday, June 3, 2008 | MANILA, PHILIPPINES
LISTED A. BROWN Co., Inc. will transfer its land assets to two property subsidiaries as it shifts its focus to managing an affiliate that indirectly controls a transmission utility.
In a disclosure, the company said the transfer of the properties is part of its reorganization.
The property subsidiaries — Brown Resources Corp. and A. Brown Energy and Resources Development Inc. — will pay their parent using shares. Both operate apartelles.
"The reorganization is intended to give A. Brown more flexibility in raising funding for its participation in Monte Oro Resources and Energy Inc.," it said. A. Brown owns 18.47% of Monte Oro, a transmission utility.
_______________________________________________________________________
