Atok to carry on mining efforts despite takeover
October 26th, 2009
Filed under: General News
Miguel R. Camus / Reporter
LISTED Atok-Big Wedge Co. Inc. will continue to explore new options in mining despite its takeover by former trade minister Roberto Ongpin’s Boerstar Corp., which plans to use the miner to expand into the lucrative gas and oil sector.
In a disclosure on Thursday, Atok said it signed a deed of subscription with Boerstar which will allow the latter to control 58 percent in the miner worth P34.78 million. Boerstar also launched a tender offer until October 29 to buy out other shareholders allowing it to control 80 percent of Atok.
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