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A. SORIANO Corp. (Anscor) said it has sold almost a fifth of its
Phelps Dodge Philippines Inc. (PDPI) stake to General Cable Co. of
Canada (GCC).
In a disclosure to the Philippine Stock
Exchange, the holding company of the Soriano family said it has
entered into a Deed of Assignment for the sale of its 1.8 million
shares of stock in PDPI.
The total purchase price stood at P641.49
million for the 18.34-percent stake in PDPI.
PDPI is one of the largest wire and cable
manufacturing facilities in the country with leading market
positions supporting the construction sector, while GCC is a
subsidiary of General Cable Corp. of the US, which late last year
acquired Phelps Dodge International Corp., the joint venture partner
of Anscor in PDPI.
Anscor said that with the sale, GCC now owns 60
percent of PDPI, while Anscor controls the remaining 40 percent.
Anscor said that despite the Canadian firm’s
majority control over PDPI, Anscor will continue to manage the unit
with Andres Soriano III and Ernest Cuyegkeng remaining as chairman
and president, respectively.
GCC said it plans to further expand the domestic
operations of the wire cable manufacturing company as well as make
it an integral part of its growth strategy in Southeast Asia and
other markets.
Earlier this year, Anscor said it will
concentrate in the tourism, health care and business process
outsourcing (BPO) sectors.
In addition, the company announced its plans to
expand its tourism and leisure business beyond Amanpulo, a high-end
exclusive resort off the coast of Palawan.
Besides its shareholdings in eTelecare Global
Solutions Inc., the company also plans to increase its presence in
the BPO industry through its newly acquired 20- percent stake in
Prople Inc.
-- Katrina Mennen A. Valdez
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