MANILA, Philippines — Listed shell company Ever-Gotesco Resources and Holdings Inc. has changed its corporate name to Everwoods Green Resources and Holdings Inc. as part of its shift to agri-tourism and bamboo development under the leadership of businessman Antonio Tiu.
“The change in name is in line with the company’s shift in business ventures to agri- tourism and the bamboo industry,” it said in a disclosure to the stock exchange.
The company also announced an increase in its authorized capital stock to P7.5 billion from P5 billion to fund the expansion of its new business ventures, since the current authorized capital stock is fully subscribed.
As part of its shift into agri-tourism, Ever is now operating its agri- tourism resort in Batulao, Batangas, with growth gearing toward a green vision of sustainability.
Its bamboo project, meanwhile, will also be in Batangas and is aimed at generating growing recurring income in the next few years.
Ever-Gotesco will partner with farmers for a bamboo nursery project as well as a processing facility to employ locals to do furniture and decorative pieces made of bamboo.
These products in turn will be exported to capture a slice of the billion-dollar industry in the world market.
Tiu, who is also behind Agrinurture Inc. and Greenergy, 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.
Ever-Gotesco was incorporated on Sept. 27, 1994 as a holding company and started its commercial operations on Dec. 1, 1995.
It was previously engaged in building shopping malls and leasing them out to commercial tenants.
The malls were 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 Ever-Gotesco Group is behind shopping malls Ever-Gotesco Commonwealth Center and the Ever Gotesco Ortigas Complex (EGOC).
Tiu is also into infrastructure through Philippine Infradev Holdings Inc.