Atlas Acquires Amosite For P57mPublished by MAC on 2007-05-23
Source: Business Inquirer
Atlas acquires Amosite for P57M
By Amy R. Remo, Business Inquirer
23rd May 2007
ATLAS CONSOLIDATED MINING AND Development Corp. has acquired from Anscor Property Holdings Inc. its entire stake in Amosite Holdings Inc. for P57.2 million.
In a disclosure to the Philippine Stock Exchange, Atlas said it would now have all the rights over and interest in Amosite.
Atlas also said Amosite's shares were composed of 75,000 common shares with a par value of P100 a share. These constitute 99.99 percent of Amosite's total issued and outstanding shares.
Amosite owns parcels of land, with aggregate size 1,313 hectares, in the cities of Toledo and Cebu.
As of March 2007, Amosite's total assets amounted to P62.5 million, P60 million of which represents investment in properties.
Registered in October last year, Amosite was classified by the Securities and Exchange Commission as "a domestic corporation established for the purpose of acquiring and developing real and personal properties of any kind."
With this acquisition, Atlas has gained the right to use the property owned by Amosite, which is deemed valuable to "the development of the Toledo Mining Project.
Atlas' acquisition of Amosite was undertaken in view of Atlas obligation under its various agreements with Crescent Asian Special Opportunities Portfolio to obtain rights over all properties necessary for the operation of the Toledo Mining Project.
Established through the merger of assets and equities of three pre-war mines Atlas is engaged in mineral and metallic mining and exploration that primarily produces copper concentrates and gold with silver and pyrites as major by-products.
The company's copper mining operations, which started commercial operations in 1955, are centred in Toledo City, Cebu, where two open pit mines, two underground mines and milling complexes (concentrators) are located.
The Cebu copper mine ceased operations in 1994. Activities after the shutdown have been limited to safeguarding and maintaining the property, plant and equipment at the minesite.
The Masbate gold mine, meanwhile, was sold to Base Metal Minerals Resources Corp. in 1996.