Ricky Razon makes P2.9B tender offer to Apex Mining shareholders
(Photo: Bilyonaryo)
The infrastructure arm of ports and casino ultra bilyonaryo Ricky Razon is offering to buy out all shareholders of Apex Mining Co. (APX) after taking majority control of the publicly-listed gold miner.
Razon’s Prime Strategic Holdings disclosed its mandatory offer on December 29 to buy the 2.213 billion shares held by minority owners (excluding directors and officers of APX) at P1.30 per share.
Prime Holdings – which is into water, power, and construction – was forced to make the tender offer as mandated under the rules of the Securities and Exchange Commission and Philippine Stock Exchange after it increased its stake in APX increased from 40 percent to 55 percent.
Prime Holdings’ separate agreements made in April 2018 to buy out the eight percent stake of Lakeland Village Holdings (P73 million for 4.9 million APX shares) and seven percent stake of Devoncourt Estates Inc. (P51 million for 4.9 million APX shares) were approved by the SEC in March and June 2021, respectively.
Razon owns another nine percent of APX through Monte Oro Resources & Energy Inc.
Except for the price, Prime Holdings has yet to reveal the terms and conditions of the tender offer.
Source: Bilyonaryo