Unfazed by mining regulatory issues, Henry Sy family boosts stake in Atlas Mining
Despite the challenges besetting the mining industry, the group of retail tycoon Henry Sy has beefed up its holdings in Atlas Consolidated Mining and Development Corp.
SM Investments Corp. subscribed to the latest increase in capitalization of Atlas to P8.5 billion from P6 billion.
It acquired 282.3 million shares of Atlas at P4.3842 each share for a total of P1.24 billion. This increases its stake in Atlas to 37.26 percent from 29.33 percent.
The family of National Book Store Alfredo Ramos, through Anglo Philippines Corp. and Alakor Corp.,
subscribed to 25.09 million shares and 6.3 million Atlas shares, respectively.
Sy?s additional investment reflects the group?s confidence in the sector despite a challenging local regulatory environment.
The Sy family was earlier looking at taking over the Tampakan Mine, which is currently controlled by the Alcantara group of companies.