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Metro Alliance to rehabilitate polyethylene plant in Bataan
By Zinnia B. Dela Peña  | Updated September 18, 2006 - 12:00am

Metro Alliance Holdings & Equities Corp., together with its foreign partner, NPC International of Iran, will spend a combined $20 million to re-commission a mothballed polyethylene plant in Mariveles, Bataan.

Metro Alliance chairman and president Renato Magadia said the estimated rehabilitation cost of the polyethylene plant is $80 to $85 million.

Metro Alliance, a company majority-owned by businessman William Gatchalian, will infuse $8 million while Iran’s NPC International will cover the remaining $12 million.

"Recommissioning should happen before the end of the year or early next year," Magadia said.

Sourcing of funds will come from the sale of Metro Alliance’s stake in NPC Alliance.

The Bataan polyethylene plant has a rated capacity of 275,000 metric tons a year, with enough room for future expansion. It uses the BP innovene gas phase process, which entails processing polyethylene resin for distribution to plastic producers.

The plant was decommissioned in 2003, before Metro Alliance acquired it last year through a debt and equity purchase from British Petroleum, Malaysia’s Petronas and Japan’s Sumitomo Corp.

The acquisition of the Bataan polyethylene plant was done through unit Polymax Worldwide Ltd., a company incorporated in the British Virgin Islands and was used as the acquisition vehicle in the purchase of the plant

When asked whether the group was still open to selling its remaining 40-percent stake, Magadia said: "There’s always room for other investors. If the price is right, why not. But at the moment our main objective is to make the plant operational soon."

The company has reduced its loans to $7 million from $16 million last year.

Singapore firm, Metro Alliance plan to reopen petrochem plant

Philippine Daily Inquirer I By Abegail L. Ho I Updated March 11, 2005

Singapore firm Pan Pacific Capital Advisors Pte Ldt. And Metro Alliance Holdings and Equities Corp. yesterday signed a memorandum of understanding (MOU) to jointly undertake the re-commissioning of the Bataan polyethylene plant.

The MOU contains the basis terms of reference governing the funding of the re-commissioning of the Metro Alliance-owned petrochemical facility. In a statement issued yesterday, the Department of Energy quoted Metro Alliance as saying that the initial funding from the partnership would cover not only the cost of re-commissioning the plant but would also finance the purchase of start-up feedstock to prepare the facility for operations. “The partnership between Metro Alliance and Pan Pacific is a big boost in reviving the country’s petrochemical industry….We have high hopes we can pull this through,” Energy Secretary Vincent Perez said.

President Macapagal-Arroyo last year ordered PNOC Petrochemical Development Corp. to revisit and review plans of setting up the first naptha cracker plant in the country, starting with the revival of the midstream petrochemical industry.

The Bataan polyethylene plant has a rated capacity of 275,000 metric tons per year (MT-PY) with enough room for future capacity expansion.

The facility uses the renowned BP inovene gas phase process, which entails the processing of the polyethylene resin for distribution to local plastic producers.

It was decommissioned in 2003, before it was acquired by Metro Alliance last year through a debt and equity purchase from the consortium of the United Kingdom’s British Petroleum, Malaysia’s Petronas and Japan’s Sumitomo.

Metro Alliance invests $30-M in UK trading firm

Philippine Star I By Zinnia B. Dela Peña  | Updated February 11, 2004 - 12:00am

Publicly-listed Metro Alliance Holdings and Equities Corp. has invested $30 million in British trading firm Polymax Worldwide Ltd.

Located in the financial nerve center of London, Polymax executes bulk purchase and distribution of rubber and allied raw materials. It has a manufacturing base in Asia.

In a disclosure to the Philippine Stock Exchange, Metro Alliance said the company is in the process of acquiring a petrochemical plant.

Metro Alliance is a holding company with investments in subsidiaries and affiliates whose products range from services such as third-party logistics and pharmacy benefits management to chemical products.

It has a 34.6 percent stake in Mabuhay Vinyl Corp. and owns 60 percent of Asia Health Inc.

Metro Alliance (formerly Marsman & Co. Inc.) was established in 1929 as a management and trading company. It diversified into pharmaceutical and food products distribution in 1940 by acquiring the businesses of the Pacific Commercial Co. and the Insular Drug Co.

In 1995, Marsman acquired Metro Drug Distribution Inc. from Metro Pacific Corp. but in 2000, the company completely divested of its holdings in Metro Drug, Inc. (33.13 percent) and and JDH-Zuellig (Philippines) Inc. (20 percent).