This was revealed by Chemrez operations manager Dean Lao, noting that the stock offering could kick off at 10 percent.

The company’s decision though shall be hinged on how fast Congress would be able to act on approving the proposed Biofuels Act.

"In case the law is passed, the IPO (initial public offering) could come after two years," he said; further noting that the legislative framework would provide directions on how businesses engaged in biofuels production eventually takes shape in the country.

Chemrez, which was incorporated in 1984, has highly diversified its businesses; that include paint and coatings, inks, fiber-reinforced plastics and adhesives industries.

The biggest investment foray it has to-date, was the P650-million oleochemical complex which houses the first dedicated biodiesel plant in Asia inaugurated by President Arroyo this month.

The facility has increased the production of CME-based biodiesel in the country by additional 60 million liters per year.

Chemrez branched off from D&L Industries; which used to be its parent company and mainly engaged in management and serves as marketing arm of the various products of affiliated entities.

The D&L Group also include Aero-Pack Industries, Inc. which is engaged in the manufacture and marketing of full range of aerosol cans; and manufactures aerosol products for selected customers.

The others are CorroCoat, Inc. for powder coatings; First in Colors, Inc. for dry colors and masterbatches, color compounds, plastic additives and functional compounds; and F.I.C. Marketing Co., Inc.; which is a trading company that imports and distributes various foreign and local chemicals and materials to manufacturers in the plastics, paint, and other related industries. (MMV)

The rest of its affiliate firms are Oleo-Fats, Inc which is into the manufacturing and marketing of specialty edible fats and oils, serving the fast-food, snack food, biscuit, confectionery, and dairy industries; and the MRI Terminal which caters to bulk storage and delivery requirements of the group and some selected customers.

As far as CME is concerned, Chemrez noted that it is currently re-directing marketing strategy on the export markets while waiting for the final approval of the Biofuels measure.

In the domestic market, it is targeting the oil companies as major buyers; while overseas, it caters to the needs of industrial customers. (MMV)