ANGLO Philippine Holdings Corp. on Monday has decided to buy P12-million shares in Shang Properties, Inc. that are owned by National Bookstore, Inc. (NBS), the firm said in a disclosure to the stock exchange.
The decision to buy the shares at Monday’s closing price of P2.72 apiece was approved by the Anglo board during a special meeting on the same day. The purchase will be executed on Tuesday.
After the purchase, Shang Properties shares will make up around 0.3% of the holding firm’s total consolidated assets.
“The Corporation’s directors, who are also directors of NBS, inhibited themselves from voting,” the firm said in its regulatory filing.
In a previous disclosure, Anglo reported that its third-quarter net income attributable to equity holders of the parent company rose by 3.3% to P143.77 million. Meanwhile, its revenues jumped to P154.46 million from P13.17 million previously.
The firm, through its wholly owned subsidiary Vulcan Materials Corp., is engaged in the exploration and development of mineral and aggregated resources. It also has stakes in Tipo Valley Realty, Inc. and Anglo Philippine Power Corp.
Its stocks on Monday were unchanged at P0.71 each. — Angelica Y. Yang