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Manila Bulletin devider Business devider Ever-Gotestco raising capital for diversification

Ever-Gotestco raising capital for diversification

Published May 30, 2022 02:07 pm

Mall developer Ever-Gotesco Resources and Holdings, Inc. is undergoing a quasi-reorganization of its capital stock and changing its corporate name as part of plans to diversify into the agri-tourism and bamboo industries.

In a disclosure to the Philippine Stock Exchange, the firm said it is decreasing its authorized capital stock to P2.5 billion divided into 25 billion shares with a par value of P0.10 to eliminate debt.

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After this, it will increase its authorized capital stock to P7.5 billion to raise fresh capital to fund the expansion to new business ventures and change the company name to Everwoods Green Resources and Holdings, Inc.

As part of its plan to shift to agri-tourism, Ever is now operating its agri-tourism resort in Batulao, Batangas, with growth gearing towards a green vision of sustainability.

The bamboo project is a new investment which aims to generate growing recurring income in the next few years. A bamboo nursery will be established within the company’s property in addition to contract farmers that will ensure exponential and inclusive growth.

The company plans to put up a processing facility in Batangas to employ locals to manufacture bamboo furniture and decors. These products would then be exported to capture a slice of the billion-dollar industry in the world market.

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Ever-Gotesco is a company led by businessman Antonio Tiu as its president. He took over the shell company in 2019 as part of his vision of creating a group of sustainable and green-oriented companies with synergies in the fintech, agri-tourism and agri-business industries.

The firm was incorporated on September 27, 1994 as a holding company and started commercial operations on December 1, 1995. It was previously engaged in building shopping malls and leasing them out to commercial tenants.

The malls are primarily leased out to Ever Department Store and Supermarket, cinemas, banks, amusement centers, food shops, specialty stores, boutiques, drug stores, service shops, gym and sporting facilities.

The company operates two malls, namely, the Ever-Gotesco Commonwealth Center and the Ever Gotesco Ortigas Complex (EGOC).

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