Filinvest eyes ethanol production by 2009

Philippine holding firm Filinvest Development Corp. (FDC) said it wants to build an ethanol plant to take advantage of its investments in sugar milling. The company will use part of the proceeds from a share offering to build an ethanol plant between 2008 to 2009, in time for the implementation of the countrys biofuels law requiring a 5% ethanol blend in gasoline by 2009, FDC President Josephine Yap said. Nelson Bona, the company’s chief financial officer, said the plant, estimated to produce 60,000 to 120,000 liters of ethanol per day, will require Php600-800 million (US$13.20-17.60 million). Shareholders of FDC approved a plan to raise funds by selling up to 3.5 billion common shares through a primary and secondary share offering and an option to offer convertible bonds. (September 7, 2007)