JG Summit Holdings Inc. has incorporated a new company JG Summit Olefins Corporation, to operate and maintain a naphtha cracker and related facilities for the production of products such as polymer grade ethylene, polymer grade propylene, partially hydrogenated pyrolysis gasoline and pyrolysis fuel oil, and other products. JG Summit had announced in 2006, plans to borrow US$600 mln from various sources for a naphtha cracker plant planned to be build in Batangas City, south of Manila.
JG Summit Olefins has an authorized capital stock of P10 mln, divided into 10 mln shares with a par value of P1 apiece. 25% or P2.5 mln of the company's authorized capital stock has already been subscribed. At least 25% of the subscribed amount has been paid in cash. JG Summit Holdings, James Go, Wilfredo Paras, Patrick Henry Go, Atty. Peter Pacheco, and Atty. Sheryl Tanquilut have subscribed to the company's authorized capital.