Bacnotan Consolidated Industries Inc said its board of directors has approved the purchase of additional shares in majority-owned unit Atlas Cement Corp.
In a disclosure to the stock exchange, Bacnotan said it will purchase a total of 36.85 per cent stake in Atlas Cement Corp for approximately PHP260m.
The amount is the estimated net cash value of the Atlas Cement shares as of end-December 2004, it added. The shares will be purchased from FLS Industries and The Industrialization Fund for Developing Countries, which owns 27.08 per cent and 9. 77 per cent of Atlas Cement, respectively. Bacnotan Consolidated currently holds a 53.15 pct stake in the cement company.