Ramos-owned APO getting equity from sister firm

Anglo Philippine Holdings Corp. (APO), a company controlled by National Bookstore owner Alfredo Ramos, on Thursday announced it had doubled its authorized capital stock from P2 billion to P4 billion as part of a plan to receive fresh equity from a sister company.

In a disclosure to the Philippine Stock Exchange, APO said it had obtained board approval for it to undertake a private placement of up to 2.3 billion shares to Alakor Corp. and its designated affiliates at P1.8516 per share.

The price is based on the 60-day volume-weighted average price of APO on the bourse from June 30, 2013 to Dec. 26, 2013.

If fully subscribed, the private placement will have a total value of P4.25 billion.

Both APO and Alakor Corp. are controlled by the Ramos family.

The company told the bourse that the proceeds of the private placement would be used to settle outstanding loans, acquire dividend-yielding securities, or finance APO’s share in future property development projects.

APO has investments in United Paragon Mining Corp.; Atlas Consolidated Mining and Development Corp.; Philodrill Corp.; North Triangle Depot Commercial Corp.; MRT Development Corp.; MRT Holdings Inc.; Brightnote Asset Corp. and Filipinas Energy Corp.

The company also said it made a consolidated net income of P208.6 million at the end of 2013, equivalent to an earnings per share of P0.18.

On the PSE, Anglo Holdings was last traded at P1.77 apiece, down 6.35 percent from its previous close of P1.89 per share.