Ramos family loads up on Philodrill shares
The Ramos family, which owns the National Book Store chain, has jacked up its stake in listed oil and mining firm Philodrill Corp.
Separate filings with the Philippine Stock Exchange showed that NBS acquired 50 million Philodrill shares at P0.012 apiece for a total of P600,000. Following the transaction, the country?s largest bookstore chain now owns 8.879 percent or 17.03 billion common shares of Philodrill.
Ramos-led Alakor Corp. also bought 50 million Philodrill shares, representing 0.26 percent of the issuer?s equity, at P0.012 each share. This raises Alakor?s shareholding in Philodrill to 9.07 percent or 17.5 billion shares.
Philodrill is part of the Galoc Production Co. (GPC) consortium that owns an oil production field in the Northwest Palawan basin.
GPC, which holds more than 50 percent of Service Contract 14C, is jointly-owned by the Vitol Group and Otto Energy Ltd.
Aside from Philodrill and NBS, the Ramos family controls Vulcan Materials Corp. and United Paragon Mining Corp. It also holds a stake in gold and copper miner Atlas Consolidated Mining & Development Corp.