A group associated with the Unioil Group plans to use Chemical Industries of the Philippines in investing in industries related to the infrastructure program of the government.
Based on the amended tender offer report filed with the Securities and Exchange Commission, Quantumlink Realty Corp., Citiworld Properties & Development Corp., Exquadra Inc., and Lavish Sources Ltd. are exploring the possibility of infusing assets and funding further business projects for CIP, including investments in a new blending plant for lubricants and construction of warehouses.
The group is also considering the potential investment in industries related to infrastructure, including the construction equipment industry.
It is looking at the possibility of using CIP in a reverse takeover.
Majority shareholders of CIP led by businessman Antonio Garcia in December agreed to sell their controlling stake in the company to a group associated with the Unioil group of companies.