Philippines’ Philex sells 20.2 pct stake to First Pacific
October 6th, 2008
Filed under: Operator - Philex
MANILA, Oct 03, 2008 (Reuters via COMTEX) — PLXCF | Quote | Chart | News | PowerRating — Philex Mining Corp, the Philippines’ biggest mining firm, said on Friday it had signed a deal to sell a 20.16 percent stake in the company to Hong Kong-based First Pacific Co Ltd for 6.165 billion pesos ($131 million).
The purchase price of 7.92 pesos per share represents a 10 percent premium over Philex’s closing price on Thursday of 7.20 pesos.
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