Vantage to buy P250M worth of shares in Monte Oro

ABS-CBN News

Posted at Jun 25 2008 09:56 PM | Updated as of Jun 26 2008 05:56 AM

Listed investment company Vantage Equities Inc. is buying P250 million worth of shares in Monte Oro Resources and Energy Inc. (MOREI), marking its first foray into the power sector.

MOREI is the parent of Monte Oro Grid Resources Corp., a member of the consortium that won the 25-year contract to operate the National Transmission Corp. Monte Oro has partnered with Calaca High Power Corp. and State Grid Corp. of China to manage and operate the country's powerlines unit.

According to Bayani Tan, Vantage's corporate secretary, the company would purchase about 10.0 percent of MOREI with cash generated from the sale of its stake in International Exchange Bank or iBank.

At the end of the first quarter, Vantage's net income amounted to P46 million while its revenues reached P151 million.

The company earlier poured P50 million in the share capital of its two mutual fund companies, Philequity Foreign Currency Fixed Income Fund Inc. and Philequity Balanced Fund Inc.

The funds are under the management of subsidiary Philequity Management Inc. (PEMI), which already has under its wing Philequity Fund Inc., Philequity Peso Bond Fund Inc., Philequity Dollar Income Fund Inc. and Philequity PSE Index Fund Inc.

Vantage acquired in June 2007 a majority stake in PEMI, which holds about P3 billion in assets under management.

The company runs a remittance business, eBusiness Services Inc., a major agent of global remittance giant Western Union in the Philippines.

It also owns a controlling stake in Yehey! Corp., a premier Internet portal and Internet marketing solutions company.