Philippine credit card services firm Bright Kindle Resources & Investments Inc (BKR) has invested P2.7 billion ($60.4 million) in Marcventures Holdings Inc, acquiring 33 per cent stake in the nickel mining company.
In a disclosure to the Philippine Stock Exchange, BKR said it acquired 600 million shares of Marcventures from the Philippine Business Bank- Trust and Investment Center at P4.50 per share.
Formerly Bankard Inc, BKR made the acquisition through a cross sale in the PSE.
“The acquisition is part of the company’s strategy to make investments in assets that have potential capital appreciation and which can provide a regular dividend income stream to the company,” BKR said in an official statement.
BKR paid P650 million ($14.5 million) of the total $60.4 million upon cross sale. The remaining amount of P2.050 billion ($45.8 million) shall be paid on or before December 31, 2015 or on such other date the two firms may agree in writing.
Marcventures is a PSE listed corporation engaged in business of nickel mining under a mineral production sharing agreement covering 4.799 Hectares in Surigao del Sur province.
BKR’s share price on Monday ended P3.05 per share, up by 1.64 per cent from last Friday’s close at P3.05.
Marcventures, meanwhile, increased its share price at 2.73 per cent or P6.02 from last Friday’s close of P5.86 per share.