Philex to offer 20% stake to SSS
13-OCT-2008 Intellasia | inquirer.net
Oct 13, 2008 - 7:00:00 AM
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Philex Mining Corp has decided to offer 30% of its shares to all shareholders, including the state-run pension fund Social Security System (SSS), after the SSS questioned a pending sale of a 20% block for P6 billion to Hong Kong-based conglomerate First Pacific Co Ltd
Philex chief executive Walter Brown told the Philippine Daily Inquirer that Philex would offer the 20% to all shareholders plus 10% of new shares at P7.92 a share—the price First Pacific offered. Any unsubscribed portion will be taken up by the First Pacific group, he said.
The plan was disclosed to the Philippine Stock Exchange on Friday.
"This is to overcome the concern of the buyer [First Pacific] that there may be some problems posed by the position of the SSS," Brown said.
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