Gov’t sells remaining stake in Philphos

Government has now fully sold its remaining shares in the Philippine Phosphate Fertilizer Corp (Philphos).

This was announced yesterday by Privatization Management Office (PMO) chief Renato Valdecantos.

Government was able to sell its remaining 45,000 shares in Philphos to small investors pursuant to RA 7886, Valdecantos said. The government was able to raise P45 million from the sale of its Philphos shares.

The PMO, Valdecantos said, is conducting a similar sale to small investors of its shares in the Philippine Associated Smelting and Refining Co (PASAR). The sale is scheduled from Oct. 9 to 22.

Valdecantos said the sale of its shares in PASAR did not have the same response as the Philphos shares.

Valdecantos disclosed that 90 percent of the buyers were actually employees of Philphos. At present, Philphos is still 50 percent owned by the Republic of Nauru while Delphi Holdings controls 45 percent.

Delphi Holdings is owned by Jose "Pepito" Alvarez.

Alvarez’s Delphi Holdings acquired its 45 percent stake in Philphos last year from the government-owned National Development Co (NDC).

Delphi submitted a bid of P3.025 billion for the government’s 405,000 shares in Philphos.