September 25, 2014

Alsons Group offers to acquire all shares of Indophil Corp

In a disclosure to the Australian Stock Exchange, Alsons Prime investments Corp (APIC), a wholly owned subsidiary of Alsons Consolidate Resources (ACR) and the largest shareholder of Indophil with a 19.9% stake, offered to buy out the remaining shareholders of Indophil for A$0.30 in cash.

Indophil currently has a 37.5% stake in Sagittarius mines Inc (SMI), the operator of the largest gold and copper project in the Philippines, Tampakan gold and copper mine. 2nd largest shareholder Glencore approved of the buyout. Glencore Queensland owns another 13.3% and has expressed its willing to support the buyout.

Our take: This would then strengthen its mining operations of ACR which is currently conducted through subsidiary ACR Mining Corp. This should also further diversify the company’s portfolio which at the moment is composed of power generation property development. - WealthSec