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Byline: Neil Jerome C. Morales
Hong Kong's First Pacific Co. Ltd. yesterday closed the deal to buy a 9.24% stake in Philex Mining Corp., the country's largest miner, for P9.493 billion or $202 million.
The deal increased First Pacific's stake in Philex Mining to 40.7%, making it the single largest shareholder in the company.
"The [Philippine Stock Exchange] approved the execution of a special block sale transaction of Philex shares," the bourse said in a memorandum.
First Pacific, through local affiliate Two Rivers Pacific Holdings Corp., bought the shares from Philex Mining Chief Executive Walter W. Brown, Vice-Chairman Roberto V. Ongpin and the …