Image via WikipediaDiversifying giant San Miguel Corporation is holding its ground and will not be making any more investment in Indophil Resources NL unless the Philippine conglomerate is allowed to acquire 51 percent controlling stake in the mining company.
In an interview, SMC president Ramon S. Ang said there are many unresolved issues regarding SMC’s planned investment in Indophil Resources and these will have to be resolved first before they buy any more Indophil shares.
Ang said in a text message earlier that among these issues is SMC’s requirement that it gets a controlling stake in Indophil.
Because of these unresolved issues, Ang said they are not buying any more Indophil shares even if it means the dilution of SMC’s 10.1 percent stake in Indophil which it had acquired for Australian$41.29 million.
SMC’s main interest in Indophil is the latter’s 37.5-percent stake in Sagittarius Mines, Inc. (SMI), which has the rights to the Tampakan gold and copper mine in South Cotabato.
http://mb.com.ph/articles/322380/smc-wants-51-indophil
Of course with the great possiblity in Tampakan why would one not ask for a controlling stake in Indophil, just my thoughts
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