Stock Information

AAA | ASIA AMALGAMATED HOLDINGS CORPORATION

Sector: HOLDING FIRMS | Sub-Sector: HOLDING FIRMS

Asia Amalgamated Holdings Corporation (AAA) was originally incorporated as Sulu Sea Development Corporation on October 7, 1970 to engage in the business of hydrocarbon, petroleum and oil exploration and production in the Philippines, with small mineral exploration interests. Following the change in the majority ownership of the Company from the National Development Corporation to the present majority stockholders, the Securities and Exchange Commission approved on October 6, 1995 the change of the Company's name to the present one and its primary purpose to that of a holding company.

During the first five years of its operation as an investment holding company, AAA made significant investments in various businesses such as financial and banking services, distribution of household water filtration equipment and industrial waste water treatment, water transport services, and non-life insurance brokerage. AAA incorporated three subsidiaries, namely, Unikleen International Corporation, involved with water treatment/store/filter; Marilag Transport Systems, Inc., involved with ferry boat operations; and ESBI Insurance Brokers, Inc, a non-life insurance broker.

The economic crises that beset the country in 1998 put AAA's main affiliate and major source of business, the Uniwide Group, in a very serious financial problem and had made a significant impact on AAA's operations. From then onwards, AAA began to cease the operations of its subsidiaries one by one due to continued financial losses. Beginning the year 2002, none of the subsidiaries had resumed operations.

As of December 31, 2013, Mr. Jimmy N. Gow and Uniwide Sales, Inc. combined own approximately 89.88% of AAA. Mr. Gow and his family are also majority owners of Uniwide Holdings, Inc., a company established under the name "Uniwide Sales" and to consolidate the real estate business of the Gow family. AAA is the holding company that will handle the non-retail and the non-commercial real estate operations of the Uniwide Group of Companies.

Source: SEC Form 17-A (2013)