Bright Kindle to buy 32.9% stake in nickel firm Marcventures Holdings Inc. | Inquirer Business
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Bright Kindle to buy 32.9% stake in nickel firm Marcventures Holdings Inc.

/ 04:32 PM November 03, 2014

MANILA, Philippines — Bright Kindle Resources & Investments Inc., formerly Bankard Inc., is acquiring a 32.94 percent stake in the nickel mining firm Marcventures Holdings Inc.

This comes about a year after Marcventures’ lead stockholder, as represented by the trust unit of Philippine Business Bank, likewise bought a controlling stake in the shell company of credit card issuer Bankard.

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In a disclosure to the Philippine Stock Exchange on Monday, Bright Kindle said its board had approved the acquisition of 600 million shares of Marcventures equivalent to an interest of 32.94 percent.

A special shareholders meeting will be convened by Bright Kindle on Dec. 11.

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In mid-October, Marcventures’ wholly owned subsidiary Marcventures Mining and Development Corporation (MMDC) received a letter-order from the Mines and Geosciences Bureau (MGB) approving its declaration of mining project feasibility (DMPF) and authorizing MMDC to proceed with the extraction and commercial disposition of nickel ore and associated minerals in its contract area. This effectively allows MMDC to resume full mining operations and commercial production. Marcventures has mining operations in Surigao del Sur.

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TAGS: Bright Kindle Resources & Investments Inc., Business, disclosure, marcventures holdings inc., Marcventures Mining and Development Corporation, Mining and quarrying, MMDC, Philippine Stock Exchange, share acquisition
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