Bacnotan Consolidated buys more shares in Atlas unit, Philippines

Bacnotan Consolidated buys more shares in Atlas unit, Philippines
Published: 10 December 2004

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.