Hong Kong-based First Pacific Co Ltd<0142> said on Monday that it has completed the purchase of an additional 5.9% stake in Philex Mining Corp for nearly US$130 million through its unit Two Rivers Pacific Holdings Corp, Dow Jones Newswires reported.
The company last Friday said in the statement filed with the Hong Kong Stock Exchange that Two Rivers and Philippines' Government Service Insurance System reached an agreement on Jan. 21.
First Pacific bought 268.78 million shares of Philex owned by the state-owned retirement fund for P21 per share.
After the completion of the deal, First Pacific's shareholding in Philex Mining would be increased to 15.1%, and the First Pacific group of companies holds another 31.5% in the mining company.
The acquisition is expected to further enhance the company's objectives to expand and develop its mining strategies in the Philippines, the statement said.(Edited by EnergyChinaFroum.com. For more information, please email to: info@energychinaforum.com)
(Chinaknowledge,Feb 3,2010)
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