Anglo Philippines Holdings Corp has increased its interest in United Paragon Mining Corp (UPM) from 22.96% to 24.3% through the acquisition of 3.5 million shares.
Anglo Philippines president and CEO Christopher M Gotanco said that the acquisition followed a decision by a substantial UPM shareholder to sell up owing to unfavourable market conditions. He said Anglo Philippines had decided to absorb the shares since it is already a significant shareholder of UPM.
UPM’s principal mining operation is the Longos Mine at Paracale, Camarines Norte, but drilling has been suspended since 2003 because management was convinced that sufficient drilling had already been carried out in these areas.
The last time Anglo Philippines acquired more shares in UPM was in December 2014 when it purchased 3 billion shares from a client account of Deutsche Bank to increase its shareholdings to 22.96% from 21.81%.
In 2013, Anglo Philippines acquired more shares in The Philodrill Corp as part of its plan to have a ‘meaningful’ participation in its investments.
Anglo Philippines, which is owned by the Ramos family, has interests in mining through UPM and Atlas Consolidated Mining & Development Corp, oil exploration through Philodrill, property development through MRT Development Corp, and infrastructure through MRT Holdings, the indirect majority owner of Metro Rail Transit Corp (MRTC). It has minority interests in Brightnote Assets Corp and Filipinas Energy Corp.