MEDCO HOLDINGS, INC. - Manila, Philippines

Medco Holdings, Inc. (MED) was originally incorporated on October 23, 1969 as Mindanao Exploration & Development Corporation and engaged in mineral exploration and development. In May 1995, the Lippo Group, through Citivest Asia Limited (Citivest), acquired approximately 67% of the outstanding capital stock of MED. The Lippo Group is a major Asia Pacific business conglomerate principally involved in financial services and investment activities. With the entry of the Lippo Group in the middle of 1995, MED embarked on a major corporate shift that resulted in its transformation into an investment holding company and the adoption of its current corporate name. In line with the change in its primary business purpose, MED had previously sold all its rights, titles, interests including all  

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liabilities and obligations in its mining lease contracts and operating agreements to South Seas Oil & Mineral Exploration Development Co., Inc. Since then, MED had been engaged in investment holding activities. In December 2005, Citivest divested a portion of its shareholdings in the Company thereby reducing its equity stake to approximately 46%. At present, MED's investment portfolio is composed of holdings in companies involved in financial services (commercial and investment banking) and trade development (operation of exhibition halls and conference facilities). MED's subsidiaries and affiliates are Medco Asia Investment Corporation, Export and Industry Bank, Inc. and Manila Exposition Complex, Inc. Source: SEC Form 17-A (2008)