Alfred Ramos lets go: Nickel Asia’s partner, Mayor Pagauitan, to take 78% stake in Vulcan Mining | Bilyonaryo Business News
Business

Alfred Ramos lets go: Nickel Asia’s partner, Mayor Pagauitan, to take 78% stake in Vulcan Mining

Bilyonaryo Alfredo Ramos is letting go of one of his stocks to a partner of Nickel Asia Corp. (NAC), HGP group owner and Mayor Hilario Pagauitan of Santa Maria municipality in Isabela province.

In the shares-for-asset swap deal, Ramos would surrender at least 78 percent of Vulcan Mining and Industrial and Mining Corp. in exchange for Pagauitan’s East Coast Mineral Resources Co. (ECMRC) which owns the rights to a mining prospect in Surigao.

The deal was signed by Ramos’ son, Vulcan president Adrian Paulino Ramos, and Pagauitan and his wife, HGP president Sofia, on May 14.

Based on the memorandum of understanding, Pagauitan will take over Vulacn’s board, replace its managers, and change its name.

Ramos and Pagauitan agreed to conduct due diligence on Vulcan up to 30 June 2021 to attain “mutual comfort” before entering into a formal contract.

Ramos had previously stripped Vulcan of its oil and gas stakes in preparation for the backdoor listing of his family’s National Bookstore eight years ago. National Bookstore currently owns 59 percent of Vulcan with the balance held by the public.. But the planned backdoor listing was aborted and Ramos has been looking for a buyer of Vulcan as a shell company.

Vulcan surged to a 52-week high of P4.20 on 15 February 2021 on speculation that Ramos was close to finding a buyer for his family’s stake in Vulcan.

Pagauitan’s ECRMC is the holder of an MPSA (mineral production sharing agreement) in Cagdianao, Dinagat Islands, one of five mining sites operated by NAC led by bilyonaryo Manny Zamora.

0 0 votes
Article Rating
Subscribe
Notify of
guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x