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Bacnotan buys out partner for P36M.
Byline: Kristine Jane R. Liu
Union Galvasteel Corp. is now wholly owned by listed firm Bacnotan Consolidated Industries, Inc. after the latter's acquisition of new shares.
In a disclosure, Bacnotan said it had bought the 14 million common shares held by private firm Hi-Precision Steel Center, Inc. in Union Galvasteel for P36.33 million. The additional shares increased Bacnotan's ownership in the company to 100% from 80.5%.
"The amount represents less than a percent of the corporation's total assets," Bacnotan said.
Union Galvasteel is in the business of producing galvanized and prepainted coils and sheets for commercial, industrial and residential …
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