MANILA, Philippines—Publicly listed Lodestar Investment Holdings Corp. is set to acquire the P2.75-billion coal mine of Abacus Coal Exploration and Development Corp. (Abacoal) in Surigao del Sur.
In a disclosure to the Philippine Stock Exchange, parent firm Abacus Consolidated Resources Holdings Inc. noted that the coal property, which was valued by a third-party appraiser, was covered by coal operating contract (COC) No. 148.
For the acquisition of the coal mine, both Lodestar and Abacus had earlier entered into an agreement, subject to certain conditions.
Lodestar, for example, is expected to acquire not only the coal property but all the other assets and liabilities of Abacoal by and through a merger of the two companies. Lodestar will be the surviving corporation.
Lodestar will likewise issue 250 million new common shares at a par value 10 centavos apiece and an agreed issue value of 90 centavos a share to Abacoal.
Lodestar is also mandated to make staggered cash payments worth a total of P75 million to Abacoal.
In a disclosure to the Philippine Stock Exchange, parent firm Abacus Consolidated Resources Holdings Inc. noted that the coal property, which was valued by a third-party appraiser, was covered by coal operating contract (COC) No. 148.
For the acquisition of the coal mine, both Lodestar and Abacus had earlier entered into an agreement, subject to certain conditions.
Lodestar, for example, is expected to acquire not only the coal property but all the other assets and liabilities of Abacoal by and through a merger of the two companies. Lodestar will be the surviving corporation.
Lodestar will likewise issue 250 million new common shares at a par value 10 centavos apiece and an agreed issue value of 90 centavos a share to Abacoal.
Lodestar is also mandated to make staggered cash payments worth a total of P75 million to Abacoal.
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