The Company's Business Operations

Metro Global Holdings Corporation (the “Company”) was incorporated as San Jose Oil Company, Inc. on September 17, 1954 and was listed on the Philippine Stock Exchange (PSE) on May 4, 1964 as an oil exploration company. It was reorganized in 1996 into a corporate vehicle that will pursue infrastructure-related investments.

On January 22, 1998, The Securities and Exchange Commission (‘SEC’) approved the change in corporate name of San Jose Oil, Incorporated to Fil- Estate Corporation, accompanied by a shift in the primary purpose to that of a holding company engaged in property and infrastructure development.

On December 11, 2000, the SEC approved the Company’s increase in authorized capital stock from 300.0 million shares to two (2) billion shares.

On September 9, 2004, the SEC approved the extension of the Company’s term of existence for another fifty (50) years.

The Company’s key investment is in the form of equity interest in MRTHI and Metro Rail Transit Holdings II, Inc. (MRTHII). The combined investment in these holding companies represents approximately twenty nine percent (29%) interest in the Metro Rail Transit systems (‘EDSA MRT systems’). The Phase I of the MRT project (LRTS Phase I) began full operations on July 15, 2000 and involved thirteen (13) stations from the North Triangle to Taft Avenue.

The Company has a 28.47% equity interest in Monumento Rail Transit Corporation (Monumento Rail), which, as a result, allows participation in the train system extension (e.g., the Makati Loop and Airport Link) and additional train/vehicle procurements in the event the Philippine government awards the project to MRTC.

On May 19, 2017, the Company incorporated MGHC Royal Holdings Corporation (MGHC Royal). MGHC Royal was organized and established as a domestic corporation to engage in the business of investing, purchasing, or otherwise acquiring, and owning, holding, using, selling, assigning, transferring, pledging, exchanging, or otherwise disposing of real and personal property of every kind and description, including shares of stocks, bonds, debentures, notes, evidences of indebtedness, and other securities of obligation of any other corporation or corporations associations or associations, domestic or foreign, for whatever lawful purpose or purposes. The Company owns 99% of MGHC Royal.

On November 22, 2018, at the Annual Stockholder’s Meeting of the Company, the stockholders representing 2/3 of the outstanding capital stock of the Company, approved the Increase in the Capital Stock of the Company from P2billion to P5 billion, with Fil-Estate Management, Inc. subscribing to the said increase to the extent of P750,000,000.00.

Likewise, during the 2018 Annual Stockholder’s Meeting, the stockholders representing 2/3 of the outstanding capital stock of the Company, approved the amendment of its Articles of Incorporation to allow the Company to invest in businesses engaged in the development of renewable energy through solar farms, wind farms, waste-to-energy and other energy projects.

In line with the new business directions the Company intends to pursue, the Company has entered on November 22, 2018, a Memorandum of Agreement with Fil-Estate Management, Inc. (FEMI), for the acquisition by the Company of FEMI’s 100% equity stake in Metro Solar Power Solutions, Inc. (MSPSI), a power company with an existing 65-megawatt solar farm project in Pililia, Rizal. The stockholders of the Company likewise approved this transaction during the annual meeting of November 22, 2018.

On December 20, 2018, the Company acquired the 15.79% equity interest of Fil-Estate Properties, Inc. in MRT Development Corporation (MRTDC).

On August 25, 2020, the Company incorporated Metro Renewable Transport Solutions, Inc. (MRTSI). MRTSI was organized and established as a domestic corporation to engage in infrastructure development or providing services in relation with and in connection thereto, including but not limited to the construction of whatever kind and nature and for whatever purpose, buildings, roads, bridges, railways, ports, highways and other passages and facilities for transportation and communication.

MRTSI is intended to be the special purpose vehicle company to undertake the new public transport system projects that offers access to multiple transport options using one interface that includes monorail, trolleybus, electric bus and similar electricity-fed transport. The first of these kind of projects is already the subject of an ongoing Feasibility Study in Baguio City under a Memorandum of Understanding (MOU) with the City of Baguio signed last September 3, 2020 concerning the development of an Intelligent Transport System as a Sustainable Long-Term Strategy to Urban Mass Transport Management for Baguio City by Easing Traffic Congestion, Improving Traffic Management for Baguio City, Minimizing Environmental Impact and Increasing Benefits of Transportation to the Public in General. The Company owns 100% of MRTSI.

On February 1, 2024, the Securities and Exchange Commission approved the increase in the Authorized Capital Stock of the Parent Company from P2 billion to P5 billion, divided into 5 billion shares with a par value of P1 per share.

Likewise, on February 1, 2024, the Securities and Exchange Commission approved the amendment of its Articles of Incorporation to allow the Parent Company to invest in businesses engaged in the development of renewable energy through solar farms, wind farms, waste-to-energy and other energy projects.

Since 2007, the Company has voluntarily suspended the trading of its securities to allow the Company to re-align its business and explore new strategic directions.

The Company’s immediate and ultimate parent company is Fil-Estate Management, Inc. (FEMI), a company organized and existing under the laws of the Philippines. The total shares issued are held by the following shareholders as at the following dates:

The Company’s registered office address, which is also its principal place of business, is at Mezzanine Floor, Renaissance Centre, Meralco Avenue, Pasig City. The Company has 11 employees as at December 31, 2023.