MANILA, Philippines – Sy-led SM Investments Corp. (SMIC) has increased its stake in Atlas Consolidated Mining and Development Corp.
In a disclosure to the stock exchange, Atlas said SMIC purchased its P5.34 billion convertible loan from BDO Unibank Inc. The loan is covered by a July 25, 2011 secured notes facility agreement between Atlas and BDO.
SMIC intends to convert the loan into equity, which will increase its stake in Atlas to 28.43 percent.
SMIC’s decision to increase its equity investment in Atlas affirms its optimism in the mining company’s potential for growth.
Earlier, Atlas said its wholly-owned subsidiary Carmen Copper Corporation produced a record 7.35 million pounds of payable copper in March 2012, and increased its production rate by 21 percent in the first quarter. Carmen operates the Toledo copper mine in Cebu.
Atlas is actively pursuing exploration projects and is looking into acquisition opportunities.