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Sultan 900 investing P9b to develop new port complex in Cebu

By Lailany P. Gomez | October 16, 2013 [ ]

Sultan 900, the holding company of Globalport 900 Inc., is investing at least P9 billion to put up a port complex in Mandaue, Cebu.

Globalport president Michael Romero said the global city project would include a port complex, a mixed-use residential and commercial center as well as a casino and entertainment complex.

“After [Manila North Harbor Passenger Terminal] I want to concentrate in Mandaue, Cebu, where I want to build a big port facility. It is also inside the global city that is being constructed there,” Romero told reporters in an interview.

He said the global city project would cover about 131 hectares of reclaimed land and an estimated investment of at least P9 billion.

“P9 billion will be raised through a combination of equity and debt,” Romero said.

Sultan 900 Capital Inc. acquired a 95.2-percent stake in MIC Holdings Corp. from the Cojuangco group for P175 million or about P339 per share.

The Romero group plans to use MIC as a vehicle to have its port development assets listed to attract new investors.

Globalport said first-half profit grew 62 percent to P282.42 million from P174.68 million a year ago.

Globalport owns majority of Harbour Center Port Holdings Inc., which in turn owns 68.11 percent of Harbour Center Port Terminal Inc.

The port operator reported consolidated revenues of P709.14 million in the first half.  Operating income grew 78 percent to P225.37 million.

The Romero group, through unit Harbour Centre Port Terminal Inc., also operates a 79-hectare cargo sea port at the Manila Harbour Centre in Manila’s port district.

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