The Manila Gas Corporation (MGC) was created in January 1912. The corporation's primary purpose is to manufacture, produce, buy, sell, supply, distribute, dispose of and deal in gas, coke, tar pit and all other residual products resulting from the manufacture of gas for fuel, heat, light, power and other purposes to carry on the business for a gas-work company in all its branches, in Manila and in any places in the Philippines.
The Corporation ceased commercial operations in 2001 due to continued financial losses. Prior to its cessation of operations, MGC has been disposing of its assets, including its real estate property located in Manila.
The Corporation has an authorized capital stock of P120 Million. The account consists of fully paid shares of the following:
National Development Company - 110,000 shares equivalent to P110,000,000
Santiago Alvarez - 9,993 shares equivalent to P9,990,000
Individual Stockholders - 7 shares equivalent to P7,000
Selling the lot in Cebu, owned by subsidiary IIGSI.