MANILA, Philippines - DMCI Mining, a wholly-owned subsidiary of DMCI Holdings, Inc., has raised its stake in Toledo Mining Corp. PLC to 37.7% from 17%, the Consunji's holding firm said in a disclosure.
The additional 20.7% Toledo Mining stake was bought from a Mr. Jason Cropper for 50 pence apiece, DMCI Holdings said.
Following the increase in share, DMCI Mining will be making a mandatory cash offer to acquire other issued and to be issued capital of Toledo Mining.
"We are pleased to have increased our investment in Toledo with the acquisition of Mr. Cropper's shares," Isidro Consunji, DMCI Mining chairman and chief executive officer, said in the disclosure.
"Our offer to the remaining Toledo shareholders represents an attractive opportunity to crystallize a significant premium to the prevailing market price in cash today," he added.
Toledo Mining, which is listed on the AIM market of the London Stock Exchange, has interests in nickel sites in Palawan through joint ventures, Berong Nickel Corp. and Ipilan Nickel Corp.