LISTED Vulcan Industrial and Mining Corp. on Wednesday said it has donated two properties in Roxas, Palawan to its former employees, as well as current workers of Alakor Corporation and Anglo Philippine Holdings Corporation.
In a disclosure, Vulcan said the donated properties were part of its mine site that has been shuttered and non-operational for decades.
“The donations were made in favor of groups of individuals who are either former employees of the Corporation who live or used to live in the area or current employees of related parties, Alakor Corporation or Anglo Philippine Holdings Corporation, who signified their interest to acquire said properties,” it said.
According to Vulcan, it donated the properties after considering their book value of P87,144, as well as the cost of maintenance and presence of informal settlers.
At the same time, Vulcan said it transferred its mineral production sharing agreements (MPSA) in Negros Occidental to United Paragon Mining Corporation (UPMC), in exchange for the latter assuming the listed company’s liabilities, obligations and future claims.
MPSA 092-97-VI and MPSA 113-98-VI have an aggregate historical value of P12.89 million.
Under the deal, UPMC will assume Vulcan’s liabilities amounting to P13.33 million, as well as any liabilities and obligations arising from the oil and mineral assets, including deferred exploration costs.
The transfer also involves Vulcan’s condonation of its advances to UPMC amounting to P539,173.42.
Shares in Vulcan closed 3.7% or 6 centavos lower at P1.54 each on Wednesday. — Reicelene Joy N. Ignacio
