The listed holding company of businessman Walter Brown received the green light from the Securities and Exchange Commission to engage in the palm oil business.
In a regulatory filing, A Brown Co. Inc. said the SEC approved the incorporation of Surigao Greens Agri Corp. (SGAC), a new subsidiary that will manufacture crude palm oil, refined beached deodorized palm oil, and palm olein, among others.
The products will be distributed wholesale or retail basis, provided that the company shall not solicit or take investments/placements from the public and neither shall it issue investment contracts.
A Brown has subscribed to 12.5 million common shares representing 100 percent of SGAC’s outstanding capital stock.
A Brown, through its subsidiaries, is also engaged in hotel operations, real estate brokerage and power generation. It also has investments in gold mining assets.
