Ramos group ups stake in Philodrill

MANILA, Philippines - The Ramos family’s investment firm, Anglo Philippines Holdings Corp., is jacking up anew its stake in oil exploration firm Philodrill Corp. through a P1.6-billion equity purchase.

In a disclosure, Anglo Holdings said its board of directors approved the acquisition of up to 43.06 billion Philodrill shares at P0.03738 apiece, which was based on the stock’s 60-day volume weighted average.

Anglo Holdings will buy the P1.6 billion worth of Philodrill shares from National Book Store Inc. and Alakor Corp., both also controlled by the Ramos family.

With the transaction, Anglo Holdings will boost its stake in Philodrill to 34.27 percent from the current 11.87 percent.

In August last year, Anglo Holdings increase its stake in Philodrill to 11.87 percent from the previous 1.71 percent, in line with the Ramos family’s thrust of gaining “meaningful participation” in the natural resources sector. Philodrill is part of the Galoc Production Co. consortium that operates an oil production field in the Northwest Palawan basin.

“As previously disclosed, part of the proceeds from the proposed private placement is intended to be used to acquire dividend-yielding shares,” Anglo Holdings said.

Last March, the board of directors authorized Anglo Holdings “to undertake a private placement of up to 2.3 billion shares in favor of Alakor and its designated affiliates, to be taken from the increase in capital stock and partly from existing unissued shares.”

Anglo Holdings will sell the shares at P1.8516 apiece, allowing it to raise as much as P4.25 billion in fresh funds.

In the same disclosure, the holding firm said it is evaluating the feasibility of “investing in a company which owns land adjacent to the Subic Bay Freeport Zone for possible development into a special economic zone.”