Golden parachute

Philippine Daily Inquirer
Doris C. Dumlao

MINING MAGNATE FELIPE YAP may not be the reluctant seller some perceive him to be.

“I’m not getting any younger,” he told Biz Buzz. “First Pacific is still talking with us, but when you talk about deals, it’s not that simple.”

During the Lepanto Consolidated Mining Co. stockholders’ meeting last Monday, Yap also talked about his group’s mining assets and the components to be sold.

For Lepanto and Manila Mining Corp., up to 20 percent in each may be sold to a new investor. Yap said that this was the extent to which existing stockholders had waived their preemptive rights.

“Beyond that, we have to get another waiver, which is not easy because we’re listed,” he said.

Aside from allowing a strategic partner to buy into Manila Mining and Lepanto, which has a good chance of reverting to profitability this year, the group is also willing to sell its 60-percent stake in Far Southeast Gold Resources Inc., which is still in the pre-operating stage, Yap said. Read More...