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DMCI Holdings prepares to sell Semirara Coal.
Consunji-controlled DMCI Holdings, Inc. will delist money-losing subsidiary Semirara Coal Corp. as it prepares its sale to prospective buyers.
Semirara corporate secretary Crisostomo A. Uribe said the company is set to transfer all assets and liabilities amounting to P181 million to a new company to handle the coal business.
The new firm, which will have a paid-in capital of P162.09 million, will issue 18.1 million shares to Semirara in exchange for the assets.
The shell company will be named Semirara Mining Corp. and will be sold to interested buyers.
DMCI and Semirara officials were unavailable for comment.
Meanwhile, Mr. Uribe …
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