Ongpin-led company acquires more shares in Philex Mining
BusinessWorld | 11/06/2009 11:43 AM
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MANILA - An Ongpin-led firm has bought 50 million new shares in Philex Mining Corp., the country’s largest miner.
“Please be informed that Goldenmedia Corp. acquired this morning an additional 50 million shares of Philex at a price of P12.75 per share,” the miner told the stock exchange yesterday.
The purchase price was P675.5 million, the listed miner added.
Goldenmedia is owned and controlled by businessman Roberto V. Ongpin, a director in Philex Mining. He is also vice-chairman of Philex Mining’s executive committee.
In the miner’s list of top 100 stockholders dated Sept. 30, Goldenmedia had 27.256 million shares or a 0.5594% stake in Philex Mining.
Another Ongpin-led firm, Boerstar Corp., had 175.085 million shares representing a 3.5934% stake in the miner.
In late September, Boerstar said it would acquire a controlling stake in listed miner Atok Big Wedge Co., Inc.
“It seems like everyone is positioning ahead while the stock is cheap considering its potential,” Astro C. del Castillo, managing director of brokerage firm First Grade Holdings, Inc., said in a phone interview.
“It is an attractive company given its potential and the global economy is bouncing back,” Mr. del Castillo added.
Given the weak dollar, gold is selling at near record-high levels of $1,080 per ounce, almost a fifth more than the $922 and $907 per ounce in the second and first quarters, respectively, data from the New York Mercantile Exchange showed.
Philex Mining, which sources minerals from its Padcal copper and gold project in Benguet, aims to start the commercial operations of its Boyongan gold and copper mines in Mindanao by 2014 to sustain its operations for up to 20 more years.
Philex Mining shares closed at P13.25 apiece yesterday, up from P12.75 apiece on Wednesday. -- N. J. C. Morales, BusinessWorld
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