Philippines: Anglo Holdings gets nod to buy more stake in Atlas Mining in $73m deal

Source: Atlas Mining

Anglo Philippine Holdings Corp has gained approval from the Securities and Exchange Commission for its acquisition of additional shares in Atlas Consolidated Mining and Development Corp worth $73.6 million (P3.7 billion).

The Alfredo Ramos-led holding firm disclosed it is buying over 845 million shares representing 23.74 per cent stake in Atlas Mining priced at P4.3 per share. This will increase Anglo Holdings’ stake in the mining firm from 8.27 per cent to 32.01 per cent.

Anglo Holdings noted it has in fact paid 25 per cent of the total subscription price in cash.

Founded in 1935, Atlas Mining is involved in metallic mining and mineral exploration and development through its subsidiary Carmen Copper Corp (CCC), the operator of the company’s copper mines in the city of Toledo, Cebu or the Toledo Copper Mine. The latter primarily produces and exports copper metal in concentrate, and gold and silver as the principal by-products.

CCC is also pursuing the development and commercial production of other marketable by-products such as pyrite, magnetite and molybdenum. CCC exports 100 per cent of the copper it produces.

Anglo Holdings was established in 1958 as an oil and mineral exploration company that later on became an investment holding firm focused on natural resources, property development and infrastructure activities.

Besides Atlas Mining, Anglo Holdings has investments in United Paragon Mining Corp, The Philodrill Corp, MRT Development Corp, MRT Holdings Inc, Brightnote Asset Corp, and Filipinas Energy Corp.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.