An undisclosed foreign investor has acquired 60% stake of Metro Alliance Holdings & Equities Corp in a new company. This new company will take over its polyethylene plant located in the main island of Luzon in Philippines. Metro Alliance unit Polymax Worldwide Ltd also signed the share purchase deal. Metro Alliance has been considering a strategic partner who will either infuse equity or provide bridge-financing for the 15 million dollars rehabilitation of the Bataan Polyethylene Corp.
Polymax is a company incorporated in the British Virgin Islands, used as the acquisition vehicle in the purchase of the plant last year from BP Holdings, Malaysia's Petronas and Japan's Sumitomo Corp.
01-Aug-05 
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