Ongpin group buys more Philex shares

MANILA, Philippines - The group of businessman Roberto V. Ongpin is beefing up its shareholdings in Philex Mining Corp. apparently in anticipation of a bidding war between telecommunications magnate Manuel V. Pangilinan and corporate raider Ramon S. Ang of San Miguel Corp.

 In a disclosure to the Philippine Stock Exchange, Philex said Goldenmedia Corp., a company beneficially owned by Ongpin, has acquired an additional 50 million shares in Philex for P12.75 each or a total of P637.5 million.

Ongpin is vice-chairman of Philex and chairman of its executive committee.

As of end-September this year, Goldenmedia owned 0.56 percent or 27.3 million shares of Philex while another Ongpin-led group Boerstar Holdings owns 3.59 percent of the country’s largest miner.

 Ongpin is reportedly an ally of Ang, who was earlier reported to be eyeing the Social Security System’s 22-percent stake in Philex to boost its mining assets. 

Ongpin is part of Global 5000 Investment Inc., which holds an interest in Manila Electric Co. (Meralco), another company hotty-contested by the Pangilinan and Ang groups.

The Ongpin group, supported by the financial muscle of UK-based emerging markets fund Ashmore Investment Management Ltd., already holds an estimated 15 percent in the mining firm while the Pangilinan-led group, through First Pacific Co. Ltd. of Hong Kong, holds 22 percent.

 Pension fund Government Service Insurance System itself was reported to be accumulating shares of Philex to further build up its position in the mining firm Philex closed 3.92 percent higher yesterday to P13.25 a share.