MRC Allied sells 60% stake in Surigao mining unit
MANILA, Philippines - MRC Allied Industries Inc. is selling 60 percent of its shareholdings in MRC Surigao Mines Inc. for a still undisclosed price. In a disclosure to the Philippine Stock Exchange yesterday, MRC said it concluded the sale of 40 percent in MRC Surigao to Singaporean firm Mining and Mineral Investment Holdings Pte. Ltd.
MRC will sell another 20 percent stake to an unnamed local group that will be decided upon by the company and the Singaporean firm.
Benjamin M. Bitanga, chairman and president of MRC, said the Filipino group has a mining background.
Bitanga refused to say how much MRC sold its shares to the Singaporean firm, noting that they are bound by a confidentiality agreement.
The remaining 40 percent of MRC Surigao
Mines will be held by MRC.
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