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.