Universal Robina (Photo credit: Wikipedia)Universal Robina Corp. (URC), the food manufacturing unit of tycoon John Gokongwei’s JG Summit Holdings Inc., is diversifying into fuel ethanol development.
In a disclosure to the stock exchange yesterday, URC said its board approved to “amend the secondary purpose in its articles of incorporation in order to include the production of fuel ethanol and engage in such activity.”
Bioethanol is a form of renewable energy intended to provide a more environmentally and economically friendly alternative fossil fuels such as diesel and gasoline. It can be made from very common crops such as sugar cane, potato and corn.
URC is reportedly looking at putting up a bioethanol plant, using sugar molasses as feedstock from its sugar mills in Negros Occidental.
URC engages in sugar milling and refining through Universal Robina Sugar Milling Corp. (the flagship sugar refinery of the JG Summit Group), Cagayan Robina Sugar Milling Co. and Southern Negros Development Corp.
The government is promoting the use of ethanol as an alternative source of energy to reduce the country’s dependence on imported fuel.
Aside from sugar milling, URC also produces a diverse mix of snack food, chocolate, candy, biscuit, bakery, beverage, noodles and tomato based products.
http://www.philstar.com/Article.aspx?articleId=777200&publicationSubCategoryId=66
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