Henry Sy boosts stake in Atlas Mining to 34%
SM Investments Corp. has purchased an additional five percent stake in Atlas Consolidates Mining Corp., signifying its renewed confidence in the mining sector.
The holding firm of tycoon Henry Sy acquired 598.049 million Atlas shares for P4.3842 each share or a total of P2.62 billion, effectively raising its stake to 34 percent from 29.33 percent.
The shares came from the increase in the mining firm’s capitalization froml P3 billion to P8.89 billion.
Anglo Philippine Holdings of the Ramos family likewise boosted its stake in Atlas to 28.64 percent from only 8.37 percent.
The increase in capitalization will enable Atlas to have sufficient unissued shares of stock to issue warrants and the underlying common shares for future fund-raising initiatives.
Proceeds will be used to partially pay P1.8 billion worth of debt incurred in 2015.