Lucio Tan group hikes stake in mining firm
MANILA, Philippines - In-flight services provider MacroAsia Corp. is increasing its stake in Macroasia Mining Corp. from 67% to 100%.
The aviation support unit, which is chaired by tycoon Lucio Tan, said in a disclousre to the Philippine Stock Exchange on December 13 that it acquired 8.25 million common shares from two other shareholders for P8.249 million.
MacroAsia will also increase the capital of its subsidiary Airport Specialists Services Corp. by P10 million as payment for shares already subscribed by MacroAsia Corp.
MacroAsia entered into an operating agreement with Philex Mining in September and has mining claims on Bulawan gold mine and PNP Management & Development Corp.
MacroAsia's profits are seen to decrease this year to P246 million from P306.62 million in 2011. - Rappler.com