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Eagle Cement Acquires Mining Firm
- By The Financial District
- Sep 24, 2021
- 2 min read
Eagle Cement Corporation (“the Corporation”) is acquiring 100% of the capital stock of Solid North Mineral Corp. (SNMC) through a Share Purchase Agreement for a total consideration of Three Billion Five Hundred Seventy-Two Million Pesos (Php3.572 billion), which is less than 10% of the Corporation’s book value.
Photo Insert: The Eagle Cement plant in San Ildefonso, Bulacan
The amount also represents 7.19% of the Corporation’s total assets of Php49.66 billion based on 2020 Audited Financial Statements. BPI Capital Corporation has been engaged as the independent valuation firm to conduct the valuation services and the preparation of an independent valuation report on the subject asset with respect to the proposed transaction.
SNMC is owned by the Corporation’s parent company, Far East Holdings, Inc. (34.51%), and its Chairman, Mr. Ramon S. Ang (65.49%). SNMC was issued a Certificate of Incorporation by the Securities and Exchange Commission on 19 July 1995.
It is primarily engaged in the mining of metallic and non-metallic resources, exploration, quarrying activities, and processing of limestone. SNMC is a holder of a Mineral Production Sharing Agreement (MPSA)· issued by the Philippine Government through the Mines and Geosciences Bureau.
lt has a Limestone Pulverizing Plant located in Brgy. Akle, San Ildefonso, Bulacan. The acquisition is a strategic move by the Corporation to ensure a sustainable supply of raw materials (limestone, shale, Pozzolan) for its operations.
The MPSAs of SNMC are strategically located and are adjacent to the Corporation's plant and MPSAs in Bulacan.
Meanwhile, the Eagle Board of Directors approved the declaration of cash dividends in the amount of Php0.33 per common share. The dividend shall be paid out of the unrestricted earnings of the Corporation distributable as dividends as of 31 December 2020 to common stockholders-of-record as of 07 October 2021. Payment of cash dividends shall be made on 22 October 2021.
