JG Summit Holdings Inc., the investment holding company of the Gokongwei Group, said Monday its board approved a proposal to infuse additional capital of up to P11 billion into its wholly-owned subsidiary, JG Summit Olefins Corp.
The capital infusion is primarily intended to pay off maturing obligations and support operations of JGSOC, which owns and operates a naphtha cracking plant to manufacture products such as polymer grade ethylene, polymer grade propylene, pyrolysis gasoline and mixed CA.The capital infusion will be subject to regulatory approvals, if any.
JGSOC will use the funds to pay off its expansion project obligations and to support its operations during a period of declining market demand and rising input costs
JG Summit will subscribe to additional 1.67 billion shares of JGSOC in exchange for the fresh equity.
JG Summit to infuse P11B fresh capital to naphtha unit
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