Seafront Resources Corporation is a publicly traded company engaged in investment holding operation. Its shares are listed in the Philippine Stock Exchange under the trading code of SPM.
Seafront Resources Corporation was originally registered with the Securities and Exchange Commission (SEC) on April 16, 1970 as an oil exploration and production company. On October 18, 1996, the Company amended its Articles of Incorporation which provided for the revision of its primary purpose from engaging in the business of oil exploration and production into a holding company, and to include oil exploration and production business as one of its secondary purposes. Through its investment in Hermosa Ecozone Development Corporation (HEDC) of 11.5% interest, Seafront Resources Corporation is involved in property development in the Philippines.
The Company implemented a quasi-reorganization plan whereby (a) its authorized capital stock was decreased from P800 million divided into 800 million shares, to P388 million divided into 388 million shares, both at par value of P1; and (b) its issued and subscribed capital stock were decreased from P575 million to P163 million applied proportionately for all stockholders.
On January 31, 1997, Seafront Resources Corporation entered into a Project Shareholders’ Agreement with five other companies led by Investment and Capital Corporation of the Philippines and Penta Capital Investment Corporation to develop 500 to 600 hectares of raw land in Hermosa, Bataan into a new township consisting of industrial estates, residential communities, a golf and country club, and a commercial center.
The project site is accessible from Roman Highway through a connecting road that has been recently completed. Onsite development has commenced and possible locators have been invited.
A spur road of the Subic Clark-Tarlac Expressway (SCTEX) will be one of the ingress-egress to HEDC.