LISTED holding firm Anglo Philippine Holdings Corp. has acquired an additional 23.74 percent stake in Atlas Consolidated Mining and Development Corp. for P3.7 billion.
In a filing to the stock exchange on Friday, Anglo said it subscribed to 845 million shares in Atlas Mining, through the latter’s increase in authorized capital stock, at P4.38 apiece in line with its plan to hike its investment in the latter.
Anglo said it paid 25 percent of the subscription price in cash, with the balance to be forwarded upon Atlas’ call.
The subscription price was based on the 90-day volume weighted average price preceding the pricing date of November 16, 2016, Anglo said.
The latest transaction brings Anglo’s interest in Atlas to more than 28 percent.
Atlas is a listed mining firm that owns Carmen Copper Corp. based in Toledo, Cebu. Carmen Copper produces and exports copper metal in concentrate, gold, and silver by-products. It also seeks to develop and commercially produce other marketable by-products such as pyrite, magnetite, and molybdenum. Carmen Copper exports 100 percent of its copper output.
Anglo, meanwhile, is a holding firm focused on natural resources, property, and infrastructure activities. It also has minor investments in diversified pioneer projects.