Bilyonaryo Ramon S. Ang is making sure his family’s Eagle Cement will supply the massive building requirements of San Miguel Corp.’s P735 billion airport city in Bulacan which will start construction next month.
Eagle is taking over full ownership of its sister firm, Solid North Mineral Corp. (SNMC), through a share purchase agreement worth P3.572 billion.
Eagle has tapped BPI Capital as the independent valuation firm for the purchase contract which represented less than 10 percent of its book value and 7.2 percent of its total assets of P49.66 billion.
Ang currently owns 65 percent of SMNC while Eagle’s parent, Far East Holdings, holds the remaining 35 percent.
“The acquisition is a strategic move by the corporation to ensure a sustainable supply of raw materials (limestone, shale, Pozzolan) for its operations. The MPSAs (mineral production sharing agreements) of SNMC are strategically located and are adjacent to the corporation’s plant and MPSAs in Bulacan,” said Eagle.
SNMC was formed in 1995 as a mining and quarrying firm. lt has a limestone pulverizing plant located in San Ildefonso, Bulacan.