Ramos family shores up holdings in Atlas Mining, buys P3.7B worth of shares
Ramos family-led Anglo Philippine Holdings Corp has acquired a 23.8 percent interest in Atlas Consolidated Mining & Development Corp. for P3.7 billion.
In a stock exchange filing, Anglo said it purchased 845 million Atlas Mining shares at P4.38 each share in line with its plan to increase its ownership interest in the mining firm.
Anglo said 25 percent of the total subscription price was paid in cash and the balance would be paid upon call by the corporation.
Atlas Mining’s subsidiary Carmen Copper Corp. operates the copper mines in Toledo, Cebu. It primarily produces and exports copper metal in concentrate, and gold and silver.
The SM Group, which has core businesses in banking, property and retail, holds a 37 percent stake in Atlas Mining.