AGP INDUSTRIAL CORPORATION - Philippines

AGP Industrial Corporation ( AGP) was incorporated on October 23, 1970 primarily as a holding company for Atlantic Gulf and Pacific Company of Manila, Incorporated (AG&P), one of the oldest and among the largest diversified engineering and general construction firms in the Philippines. On November 13, 2003, the Board and stockholders of AGP approved the sale of AGP's investment in shares of stock of AG&P to Trans-Philippines Investments Corporation (TPIC). Up to August 2008, AGP was dependent on the continuing support of TPIC, which filed a temporary relief of payment to its creditors effective February 9, 1999. Consequently, AGP had difficulty in meeting its current obligations due to the lack of funding support from TPIC. In 2008, the stockholders of AGP approved and ratified the  

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company's quasi-reorganization plan to be implemented through the Board of AGP, and to issue subscriptions to investors, represented by HDI Securities, Inc. on behalf of its various clients, via private placement. At present, the company's management is assessing and identifying investment opportunities and various options regarding operations that AGP may undertake in the future. Source: SEC Form 17-A (2008)