MIC HOLDINGS CORPORATION - Quezon City

MIC Holdings Corporation (MET) was originally incorporated in 1933 as Metropolitan Insurance Company to engage in the non-life insurance business, covering risks such as fire, fidelity and surety, motor car, marine and casualty, and personal accident. On February 15, 1999, the Board of MET approved the change in its corporate name to the present one and the change in primary purpose from insurance to that of a holding company. The main thrust of MET as a holding company is to look for potential investments that would enable MET to adapt to the changing business environment. In particular, In 1999, MET focused on looking for possible investments in the field of telecommunications, as well as internet-related businesses. In February 2001, MET purchased the Uniform Resource Locator domain  

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www.mapcentral.ph or MapCentral from Cybersoft Integrated Geoinformatics, Inc. Since then, MET was able to leverage on its Philippine map database of roads, political boundaries up to the barangay level, establishments and landmarks from MapCentral to forge tie-ups with applications developers that needed geographic data to complete their location-based products and services. On December 2008, MET entered into a purchase agreement with Cyan Management Corporation (Cyan) for the acquisition of MET's assets consisting of software and licenses at a purchase price of P40 million. The sale of the said software and licenses is intended to payoff a bulk of the liabilities of the company and to generate income to put its equity by the end of the year in a positive position. The said software and licenses consists of a website with a registered domain name of mapcentral.ph that allows the assembly, visualization and diffusion of Philippine geographic data and the intellectual property rights on the site as well as on the software programs and applications. Source: SEC Form 17-A (2007, 2008)