Forum Pacific, Inc. (the “Company”) was incorporated in the Philippines on January 8, 1993 primarily to engage in investing, purchasing and acquiring assets of any kind and description with the secondary purpose of engaging in the exploration, development and production of petroleum and related products as well as other mineral and chemical substance and was formerly known as Cophil Exploration, Inc.
On September 2, 1996, the Company changed its name from Cophil Exploration, Inc. to Forum Pacific, Inc. and again on September 8, 1997, the Company changed its name from Forum Pacific, Inc. to Air Philippines International Corporation (APIC). In 2000, the Company changed back its name to Forum Pacific, Inc.
The Company’s shares are listed and traded in the Philippine Stock Exchange (PSE). Its registered office address is located at 35th Floor, One Corporate Center, Doña Julia Vargas Ave., corner Meralco Avenue, Ortigas Center, Pasig City.
Service Contract 40 (SC40)
The North Cebu Block or SC40 was originally awarded as a Geophysical Survey and Exploration Contract (GSEC) No. 69 to a consortium led by Forum Pacific, Inc. (FPI). The Concession was subsequently converted to a service contract, SC40, on February 19, 1995.
In November 1997, FPI transferred its interest in SC 40 (Cebu) to Forum Exploration,
Inc. (FEI), at that time a wholly-
Investment in ESBI
Express Savings Bank, Inc. (ESBI) was 56% owned by the Company as of December 31,
2007. During 2007, the Company did not avail of its pre-
The Company executed deeds of absolute sale for its 127,415 ESBI shares in 2009 and 115,789 shares in 2010, with 46,602 shares remaining as of December 31, 2010. With controversies involving the sale of said shares, the Monetary Board (MB) of the Bangko Sentral ng Pilipinas placed ESBI under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB resolution No. 987.B. on July 8, 2011. As receiver, PDIC took over the bank on the same date. The remaining book value of the remaining 46,602 shares investment in ESBI amounting to P4,660,200 was recognized as impairment loss for the year 2011.
Investment in FCCHI
Forum Pacific Inc. previously owned 60% of the stockholdings of Forum Coal Cebu Holdings,
Inc. (FCCHI), a domestic corporation registered with the Philippine SEC on February
3, 2006. Its primary purpose is to acquire, hold and dispose of bonds, debentures,
promissory notes, shares of capital and the likes, without engaging as a dealer or
broker of securities. Its registered office is located at 14th Floor, Pearlbank Centre,
146 Valero Street, Salcedo Village, Makati City. FCCHI has 60% ownership of Forum
Cebu Coal Corporation (FCCC), a domestic corporation which holds 100% interest in
one (1) Coal Operating Contract in Cebu-
FCCHI sold all of its shareholdings of FCCC on September 23, 2009 and decided to
liquidate its business through shortening of its corporate term until November 30,
2009. FCCHI was formally dissolved pursuant to a resolution duly adopted by the FCCHI’s
Board of Directors and Stockholders representing at least two-
On July 19, 2012, FPI Board of Directors approved the write-