MANILA — Listed holding company Marcventures Holdings Inc. (MHI) has acquired five million shares of its wholly-owned subsidiary mine company for PHP50 million, in a bid to improve infrastructure and facilities needed to raise production volume.
MHI told the local bourse it subscribed shares of Marcventures Mining & Development Corp. (MMDC) at PHP10 apiece.
It said the five million shares comprise 18.87 percent of the total outstanding shares of MMDC.
MHI acquired the shares in cash upon execution of the subscription agreement.
MHI, through subsidiary MMDC, holds a mineral production sharing agreement covering an area of 4,799 hectares located in Cantilan, Surigao del Sur.
MMDC’s main product is nickel ore, with China as its current principal market.