By Anna Leah G. Estrada Posted on Mar. 06, 2013 at 12:00am
Listed Minerales Industrias Corp. said Tuesday it signed a subscription agreement with the IPM Group involving 500 million Minerales shares.
Minerales said in a disclosure to the stock exchange the IPM Group agreed to pay the subscription price of P500 million at P1 apiece in cash upon the signing of the agreements.
Minerales earlier said shareholders approved the entry of the IMP Group.
MIC said the shares will come from the P500-million increase in capital stock.
The issuance of the shares will enable Minerales to acquire 75 percent of Basic Environmental Systems and Technologies Inc., or BEST.
“In the next several years, MIC intends to focus on growing BEST through the expansion of its municipal solid waste contracting business and establishment of additional facilities for the processing and conversion of solid waste into alternative fuel for the cement and power generation industries,” Minerales said. source
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